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Global Poverty and Financial Crisis: Are We Trapped in an Obsolete Economic Order?

In: Towards an Integrated Paradigm in Heterodox Economics

Author

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  • Daniel W. Bromley

Abstract

The capitalist world order has many profound accomplishments to its credit.1 Those accomplishments are not under discussion here. Rather, I am motivated by a concern that the triumphalism accompanying the current hegemonic world economic order will lead a number of influential political leaders and citizens to suppose that we have happily arrived at the end of economic history. Conservative polemicists wish us to believe this to be true (Fukuyama, 2006). Indeed when Margaret Thatcher gloated that ‘there is no alternative’ (now known as the ‘TINA doctrine’), she anticipated an entire generation of self-congratulatory excess that followed the shift to a ‘capitalist road’ by China, and the subsequent collapse of the Soviet Union in the early 1990s. Some want us to believe that these transformations — often characterized as ‘surrenders to the free market’ — offer definitive proof of the superiority of global capitalism. Even an average philosopher would ask: ‘Superior with respect to what?’

Suggested Citation

  • Daniel W. Bromley, 2012. "Global Poverty and Financial Crisis: Are We Trapped in an Obsolete Economic Order?," Palgrave Macmillan Books, in: Julien-François Gerber & Rolf Steppacher (ed.), Towards an Integrated Paradigm in Heterodox Economics, chapter 10, pages 190-207, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-36185-0_11
    DOI: 10.1057/9780230361850_11
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