Free Market Capitalism A Failure: NYT Columnist

New York Times columnist Patricia Cohen has claimed that the “ineluctable rise of worldwide free market capitalism” has been a gruesome failure, Maya Boddie reported for Alternet.

Photo Insert: Financial globalization proves that "almost everything we thought we knew about the world economy was wrong."

Cohen said financial globalization proves that "almost everything we thought we knew about the world economy was wrong."

Between the sanguine outlook on the global economy in Davos 2018 and the dire future battered by the pandemic and the Ukraine invasion is an abyss teeming with bogus capitalist predictions and the parlous economic future.

The columnist points to the heady triumphalism that followed the collapse of the Soviet Union in December 1991, which gave way to the gospel of free market capitalism and the invincibility and inevitability of efficient open markets with less government controls that would bring about global prosperity.

Instead, globalization ushered in climate change, pampered corrupt regimes in Russia and China and pauperized developing countries. In short, neoliberalism and globalization are a nightmare.

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