14 books
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13 voters
Neoliberalism
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A smaller but still significant risk of taking the neoliberal pill is you get more misguided adventures like the wars in Afghanistan and Iraq. Indeed, there’s no way that elites could get us into another Iraq today. This at first glance appears to be a good thing, but it’s been at the cost of our culture becoming more neurotic, cynical, parochial, and fearful. Americans wouldn’t go off and die by the thousands in Iraq today because they don’t think anything is worth fighting for or believing in.
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Under the rules of the Western-run international economy, investors make loans to third world tyrannies, and since the loans carry considerable risk, make high profits. Suppose the borrower defaults. In a capitalist economy, the lenders would incur the loss. But existing capitalism really functions quite differently. If the borrowers cannot pay the debts, then the IMF steps in to guarantee that lenders and investors are protected. The debt is transferred to the poor population of the debtor coun
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― Hopes and Prospects
― Hopes and Prospects
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