By Joseph E. Stiglitz, Todd N. Tucker, and Gabriel Zucman | Foreign Affairs
For millennia, markets have NOT flourished without the help of the state. Without regulations and government support, the nineteenth-century English cloth-makers and Portuguese winemakers whom the economist David Ricardo made famous in his theory of comparative advantage would have never attained the scale necessary to drive international trade.
The invisible hand of the market depended on the heavier hand of the state. Most economists rightly emphasize the role of the state in providing public goods and correcting market failures, but they often neglect the history of how markets came into being in the first place. Continue reading
Guyana Politics: Rejecting the PPP’s twisted narrative – Dr. David Hinds
Some PPP leaders and commentators have, in the past, answered this charge by listing the many projects the party initiated while in government. I am never swayed by that chat, because those projects often mask the real intent and outcomes of governance. Let’s not ever forget that Germany under Hitler, the USA in the era of slavery and segregation, South Africa under apartheid and Europe as colonial masters, all “developed” during those periods of human depravity. Continue reading →
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