The free market doesn’t work. The emerging markets are crying foul. Global capital has been rampaging through their economies with dire effects. The most extreme case is Malaysia, prompting Mahathir Mohamad, that country’s populist demagogue, to declare that “the free market has failed disastrously”.
But that is not the right lesson to learn from Asia, Russia and, coming shortly, Latin America. It may be easier to for them to blame the markets than themselves, but the governments of these countries need to get the facts straight.
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