Website review: On the cusp of economic history - I...
laodan discovered this in Economics
•2 reviews since Jan 22, 2008
economics
•iht.com/articles/2008/01/22/business/dprotect...
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laodan discovered 4 months ago- On the cusp of economic history in The Int'l Herald Tribune by Katrin Bennhold
Is economic history about to change course? Among the chieftains of politics and industry gathering in Davos for the World Economic Forum on Wednesday, a consensus appears to be building that the capitalist system is in for one of those rare and tempestuous mutations that give rise to a new set of economic policies. - Power is steadily leaking from West to East. - Income inequalities are rising in rich countries. And signs of a protectionist backlash are multiplying as worries about climate change, the rise of state-run investment funds and the bursting of the recent credit bubble give novel ammunition to those in the West who question free markets and clamor for more shelter from globalization. What exactly will emerge when the dust settles is hard to predict, economists and executives say. But this much seems clear: With the frontier between state and market once again up for grabs, the era of easy globalization is over - and big government in one form or another is back. "The pendulum between market and state is swinging back," Pascal Lamy, director general of the World Trade Organization, said... When students of economics open their history books in 2030, they might read about 2008 as the year when the groundwork was laid for a re-regulation of certain markets, a more redistributive tax system and new forms of international policy coordination, economists say. On the cusp of economic history So here we are. The application in real life of economic theories is shifting from the "market laissez-faire" of the last 25 years to something more akin to "the state has to redress the market's inefficiencies". 25 years application of "Market laissez-faire" has resulted in: - devastating effects on people's daily lives in the West - stunning improvements in people's daily lives in the East A backlash coming from the West is in now in the making: - protectionism as defense of Western national interests - recourse to the idea of "the level playing field" in term of workers' free association and environmental protection. The West is trying to justify its newly found nationalism and protectionism by positioning itself as a moral leader of workers rights and the protection of the environment. It's simply amazing. Isn't the present level of environmental degradation the result of over 2 centuries of application by the West of the kind of "laissez-faire market capitalism" that it now prepares to reject to the dustbin of history? In light of this the West's positioning as the moral leader of the world economy is simply hypocritical. The fact is that this economic realignment reminds us of the years preceding the 1st world war. Danger lurks over the geo-political field...
- On the cusp of economic history in The Int'l Herald Tribune by Katrin Bennhold
- illuminator rated 4 months ago
- From the page: "What exactly will emerge when the dust settles is hard to predict, economists and executives say. But this much seems clear: With the frontier between state and market once again up for grabs, the era of easy globalization is over - and big government in one form or another is back."
