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Why It Seems Everything We Knew About the Global Economy Is No Longer True

https://www.nytimes.com/2023/06/18/business/economy/global-economy-us-china.html?unlocked_article_code=88Q2kbujEK7ZzZP9KQ-ctfpEMiYcVflls7zotXiM46UEfc7c4hdWYu2fZh0QfiJLy3Upe56OYuQo4O2SoqvK5CpYnzsgAi4fxsPEp-H5HiAado5lEI2NdYi8M0mFgj8beIoD8WIs8nzlUTzv6Pu2azlkolUya81NCh1HTwX3cBXAgNa_D57t-6J7EZOWbu1lK5Zkh8RyCQ3wZ2s_tfZnUGzI4Xd4fBPyOCsVMVfq3axe6HQ2M2CLir-COcBnKwpnA7tr3SuLq22nmLO7J6HnuazjJrHsyBKFqwnK8EGCEXzJHCUrbCvJ0xskhRYUvqt0nwt9UZwA4YwZHVKUn4bl0yySeUiSAbX4e3NJ&smid=url-share

While the world’s eyes were on the pandemic, China and the war in Ukraine, the paths to prosperity and shared interests have grown murkier.

Why It Seems Everything We Knew About the Global Economy Is No Longer True

5 comments

redpen

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It's a decent article, but vague and lacking punch. The only through line is uncertainty. I want to see more articles like this and other signs that mainstream neoliberal ideology is faltering and crashing. Let's move that general sense when people consider the dominant economic order from uncertainty about its effectiveness and value to certainy about its real and irreconcilable contradictions and failings.

HariSeldon_official

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the market was left to decide how to deploy labor, technology and capital in the belief that efficiency and growth would automatically follow

This idea that the invisible hand of the market would have allocated resources in the most efficient way is the biggest lie ever told to the people.

I really hope the whole idea of globalization dies and nations start to bring back labour previously exported elsewhere. The funny part is that we knew this would have happened, but nobody cared to changed the system.

knfrmity

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People knew and tried to prevent it. Then they got couped.

ihaveibs

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Michael Hudson sitting in the corner like Jim from the office

knfrmity

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In a recent Geopolitical Economy video Hudson called the longtime NYT resident economist Paul Krugman a dummy. In more words and more specifically, but that was the gist of it.