As the "New Economy" Crashes, to What Degree Will Mainstream Economists Change Their Stripes?
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That a reinvigorated charity drive will not suffice to solve global economic problems is almost certain. The more difficult question is whether the financial and environmental problems neoliberalism has created might also thwart Ha-Joon Chang’s strategy of neo-Keynesian, neo-developmentalist engagement with the global economy. We must ask whether there is still space for more countries to replicate the economic success of past winners in a world of peak oil, global warming, and geopolitical instability—or whether these challenges will demand a more creative and thorough-going set of changes for an international order that, in a time of crisis, is rapidly being made obsolete.
Mark Engler, a writer based in New York City, is a senior analyst with Foreign Policy In Focus and author of How to Rule the World: The Coming Battle Over the Global Economy (Nation Books, 2008). He can be reached via DemocracyUprising.com.