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Rescuing Economics from Neoliberalism
Article

Rescuing Economics from Neoliberalism


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Editorial Rating

8

Qualities

  • Analytical
  • Visionary
  • For Experts

Recommendation

The answer for a global economy still stymied by a slower than historical growth rate is simple: Slash taxes, reduce regulations and expand global trade. Not so fast, says professor Dani Rodrik, who argues that this line of thinking – broadly identified as neoliberalism – does not provide a sound and fundamental underpinning for 21st-century economies grappling with waves of disruption from globalization. getAbstract recommends this erudite but accessible report to economists, students and executives.

Take-Aways

  • Free markets, laissez-faire, limited government, deregulation and open trade are just a few of the tenets associated with the economic philosophy of neoliberalism.
  • Critics blame the neoliberalism of Ronald Reagan and Margaret Thatcher – consisting of “deregulation, privatization, financial liberalization and individual enterprise” – for culminating in the financial crisis of 2008.
  • Each nation maintains the institutions that define and apply its core economic principles, according to the country’s own design.  

About the Author

Dani Rodrik is a professor of international political economy at Harvard University.


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