Food for thought. We've been bombarded with messages for at least 20 years about how markets and democracy have triumphed. Central planning is dead. Further we're constantly told that democracy is "on the march" and totalitarian governments can't survive. The intellectual descendants of Milton Friedman and Hayek like to assert that markets promote freedom and … Continue reading Do Markets Like Totalitarian Governments?
Joseph Stiglitz is a Nobel-prize winning economist. He is also a former Chief Economist of the World Bank. He resigned / was forced out in 2000 because of his criticism of IMF and US Treasury policies in forcing "free-market fundamentalism" onto developing and emerging market countries in the 1990's. He has been a sharp critic … Continue reading Let Markets Be Markets