Philosophy 3810F/G Chapter Notes - Chapter 1: Efficient-Market Hypothesis, Washington Consensus, Capital Accumulation
12 Jul 2012
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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. 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.
