Euromoney 30th anniversary: Heroes and villains
To understand the future it is necessary to debunk the myths of the recent past. During the 1990s certain platitudes have been repeated so often by economists, entrepreneurs, politicians and journalists that they are now accepted as statements of fact. Every speechmaker inserts these clichés into their texts as if such references give credence to all other ideas they wish to relay.
The underpinning proposition goes something like this: laisser-faire capitalism has triumphed over all other types of economic system; free markets occur naturally and will flourish if left to their own devices; governments are reducing their role in economies; the welfare burden is being passed from the state to the individual; globalization is spreading the free market to the rest of the world; globalization is undermining the position of the nation state.
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