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Chapter 1

Philosophy 3810F/G Chapter Notes - Chapter 1: Efficient-Market Hypothesis, Washington Consensus, Capital Accumulation


Department
Philosophy
Course Code
PHIL 3810F/G
Professor
Steve D' Arcy
Chapter
1

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CALLINICOS CHAPTER ONE CAPITALISM AGAINST THE PLANET
WHAT’S THE PROBLEM
Liberalization of trade and investment of the past two decades has generated rapid
economic growth
Relentless widening of global inequality that has occurred in the heyday of the
Washington Consensus
Growth: the fall in economic growth rates was most pronounced and across the board
for all groups or countries
Life Expectancy: Progress in life expectancy was also reduced
Education and Literacy: progress in education also slowed during the period of
globalization
Output growth per head actually fell during a period when free-market orthodoxy would
predict the opposite
Economy has yet to return to the growth rates it achieved during the Golden Age
Adopt radical free-market reforms that would allow them more closely to approximate
the Anglo-American model of laissez-faire capitalism
Trouble comes, not from capitalism itself but from a particular set of misguided policies
being pursued by Western governments and the international financial institutions
These concentrate in the first instance on the workings of capitalism as an economic
system
Rebellion against the process of commodification that has been accelerating since the
neo-liberal hegemony was established
Wholesale privatization of public assets and services that has spread like a cancer
around the world
Washington Consensus profits from the rundown of the state sector
FINANCIAL FOLLIES
Asian financial markets has greatly increased global economic instability
Size of globally integrated financial markets
National governments have become much more vulnerable to the international bond-
market
The increasing dominance of investment decisions by stock markets
The rapid growth of speculation in increasingly complex financial derivatives
The US boom of the late 1990s
The representation of financial markets is one factor in undermining resistance to their
negative consequences
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