Liberalization Dogma Shipwrecked
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Scan day: 28 February 2014 UTC
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Description: By Serge Halmi.Article from Le Monde Diplomatique (1998) contending the worldwide financial crisis was result of basic flaw of free-market beliefs.
Liberal dogma shipwrecked - Le Monde diplomatique - English edition FROM MARKET MADNESS TO RECESSION Asian capitalism is paying the price of over-regulation. That was the reaction last year when the Asia-Pacific region plunged into recession. But the collapse of the Russian economy and the Latin American crisis are provoking a painful reappraisal. US Federal Reserve Chairman Alan Greenspan has now admitted the obvious. In an era of financial and commercial globalisation, no region of the world can remain an "oasis of prosperity". The extent of the danger is seriously discrediting the economic dogmas zealously applied throughout the world for the last twenty years. Deregulation of capital flows and monetary fanaticism were the first to be challenged, but privatisation and free trade itself may well be next in line.
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| Page title: | Liberal dogma shipwrecked - Le Monde diplomatique - English edition |
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| Description: | Asian capitalism is paying the price of over-regulation. That was the reaction last year when the Asia-Pacific region plunged into recession. But the collapse of the Russian economy and the Latin American crisis are provoking a painful reappraisal. US Federal Reserve Chairman Alan Greenspan has now admitted the obvious. In an era of financial and commercial globalisation, no region of the world can remain an "oasis of prosperity". The extent of the danger is seriously discrediting the (...) |
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