Word: capitalisme
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Capitalism's promise, by contrast, is the creation of a more robust economic life, and the record of delivery is good. "Private enterprise is now the universal belief," says Bernardo Villegas, chief economist for the Center for Research and Communication in the Philippines. Leaders in Africa, Asia and Latin America...
The Third World's turn to socialism arose in large part as a reaction to colonial rule. Even today capitalism is considered part of a hated past. "Capitalism is regarded as an ideological word and is not acceptable," says a Western diplomat stationed in Africa. When newly independent countries adopted...
All told, the decades immediately after World War II were something of a golden age for socialism. As countries extended their sway over business, Economists Joseph Schumpeter and Friedrich von Hayek darkly warned of an irreversible global turning away from capitalism. Schumpeter argued, "Socialism of a very sober type would...
Free enterprise has a way of sprouting in even the harshest ground. In Peru, a burgeoning "informal sector" has grown up alongside state-owned companies. Says Hernando De Soto, director of the Institute for Freedom and Democracy, a Lima research group: "The informal sector is laying the basis for capitalism...
The foundation of private enterprise is already firmly established in the countries along the Pacific Rim, which has been the world's fastest-growing region in the past ten years. Their prosperity is based on a unique mixture of planning and enterprise sometimes called Confucian capitalism. Says Edward Chen, director...