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Article 8
A Depressing History
There are striking similarities between the crashes of 1929 and 2008 Shift from individual economic independence towards protectionism and government intervention Development Economics a field of economics based on bizarre misconceptions and dangerous assumptions
Realizations
Top-Down Development was NOT working
Failure of state led plans fueled by developmental economics Debt Crisis East Asias rise to power in the global market Counterrevolution in development thinking
A 5(0)-Year Plan
Principles to avoid returning to Depression We must not fall into protectionism trap Cause further and deeper spread of recession Dont strangle the financial system altogether Prevents a Revolution from Below Bailouts could be bitter medicine
A 5(0)-Year Plan
Keep slashing away at the enormous red tape leftover from state direction of the economy Dismal track record Private entrepreneurs more successful picking winning industries in global economy Dont rely on economists to create development strategies Harmful or a waste of time Experts couldnt figure it out 50 years after the Great Depression
Questions
What impact might the 2008-2009 global financial crisis have on developing countries? Do you think advancements in decreasing poverty rates have been lost or compromised after 2008?
Is it realistic to rely heavily on people like Chung to end poverty?