Global competition is about winners and losers.
David Korten
The professional study of economics has become ideological brainwashing. It is a defense of the excesses of the capitalist system.
system
In a world of increasing inequality, the legitimacy of institutions that give precedence to the property rights of the Haves over the human rights of the Have Nots is inevitably called into serious question.
rights
And each of these perspectives comes to the same conclusion, which is that our global economy is out of control and performing contrary to basic principles of market economics.
principles
The first principle of the market economy is that it is comprised of many small buyers and sellers, which implies a substantial degree of equity. Another fundamental market principle is that costs are internalized in the producer's price.
If you look internationally over the last 50 years there have been improvements in the third world, but in the last 20 years the reverse has happened, with debt crises and increased poverty.
poverty
There are actually very few US politicians who have integrity and vision.
vision
competition loser
But we can also take the radical view that the test of an economy has to do with the extent to which it is providing everybody with a decent means of living.
tests
So, there is enormous instability in the global economy with a shift of winners and losers.
loser
If I would need to make a prediction I still believe Kaplan's scenario is very plausible.
prediction
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