Too many risks, too few rewards
For a system that supposedly conquered the world in 1990, free-market capitalism doesn’t look so good any more. After Mexico, Thailand, Korea, Indonesia, Russia, which of capitalism’s self-appointed disciples will stumble next? And who is to blame? The track record has embarrassed all but hard-liners into thinking there might be a Third Way – between free capital flows with floating exchange rates and the dirigiste controls of the 1960s. Chile, China, James Tobin – they’ve all been held to ridicule for their batty market ideas.
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