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World Economy at the Crossroads (Hardcover, New)
Loot Price: R2,231
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World Economy at the Crossroads (Hardcover, New)
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At the close of the 20th century, the world economy is at a
crossroads. After the increase in both inflation and unemployment
in the 1970s, the postwar economic paradigm based on the supposed
trade-off between unemployment and inflation collapsed, sending
shock waves through much of the economics profession and
stimulating the search for a new paradigm. That search continues.
This study examines the critical issues underlying the search for a
new paradigm and outlines the new global political economy that
seems to be emerging and replacing the old policy consensus. The
challenge for economists is to articulate a new paradigm that
recognizes the rapid transformation in the late 20th century
economy. The basic paradigm in economics remains, the author
claims, as defined by Adam Smith over 200 years ago. Smith's
postulate of maximizing the individual in a relatively free market
remains the basic paradigm. This paradigm can incorporate the
growing groups of workers who earn their living with their minds,
not their muscles. It can also provide insights into the worldwide
drive for reform and the issues that emerge from rapid
globalization of the world economy. And it can serve as a guide for
judging which economies and reforms are likely to succeed and which
are likely to fail.
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