Thursday, June 18, 2009

Message from the crisis to third world

Joseph Stiglitz has an excellent essay (full here) on the demise of the neo-liberal moment in history, and how the failed experiment may have discredited the concepts of capitalist market economy and liberal democracy, especially in the developing countries. He writes, "We have given critics who opposed America’s licentious form of capitalism ample ammunition to preach a broader anti-market philosophy... The economic crisis, created largely by America’s behavior, has done more damage to these fundamental values than any totalitarian regime ever could have."

No comments: