Word: free-market
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...must already sound truly irrational, even heretical. Because we have been force-fed the message that our world today progresses more rapidly than ever thanks to open markets, free trade, and liberated entrepreneurs, any mention of an anti-capitalist agenda is likely to be dismissed with derision. Yet now, arguably more urgently than ever, it is incumbent upon us to cast off the shackles of that theology of free-market liberation and come to terms with the actual dynamics of the world we live in. For Harvard students fond of the message that ours is a big burden, it might...
...fallacies of the principal myth peddled by the free-market fundamentalists demonstrates their dogmatism. In contrast to their conviction that markets freed from state meddling have engineered record growth, we see that the 1980s and 1990s, both decades of especially unfettered capitalism, were the second-slowest and slowest periods of real global growth since World War II, respectively (3.3 percent in the 1980s and 2.3 percent in the 1990s versus 4.9 percent from 1950-1973). In the same vein, the economist Branko Milanovic has argued that “the record of the last two decades (1978-1998) is shown...
More specifically, different histories following the imposition of free-market policies deliver a similarly damning verdict. In Russia, for example, where the transition to full-fledged capitalism was facilitated by our very own institution, “shock therapy” begot a country where 74 million people were living below the poverty line. As the journalist Naomi Klein has noted, given that only two million were poor in 1989 (defined here as living on less than $4 per day), this “means that Russia’s ‘economic reforms’ can claim credit...
...Rudd was accused of "me too-ism," but a more accurate term might have been "me-me-ism." The election wasn't about Labor vs. the Coalition. It wasn't about socialism vs. free-market liberalism. It was about Rudd the new leader, who had a MySpace page with thousands of registered friends, vs. Howard the old leader, who was, well, old. Rudd was all over the new media; he talked often of his plan to roll out a national high-speed broadband network. The self-described "big fan of baroque" went on FM rock radio, said...
...Rise of an Underdog Joel Stein's repeated references to Republican Ron Paul's campaign as "nerdy," especially the idea of a "free-market commodity-based money," indicates how ignorant most Americans are about the monetary system [Nov. 12]. Money affects virtually every interaction we have with other people. When this interaction is in effect controlled by a private cartel (the Federal Reserve) instead of free-market forces, there is room for manipulation. I wish media institutions like Time would stop dismissing scrutiny of something as important as the monetary system. You do a disservice not only to yourselves...