World Indexes. How Did Economists Get It So Wrong? What Happens When Greece Defaults. Rosling's World - a documentary about Hans Rosling Ry Doctorow on copyright and piracy: 'Every pirate wants to be an admiral' - video. The Ideological Crisis of Western Capitalism - Joseph E. Stiglitz. Exit from comment view mode. Click to hide this space NEW YORK – Just a few years ago, a powerful ideology – the belief in free and unfettered markets – brought the world to the brink of ruin. Even in its hey-day, from the early 1980’s until 2007, American-style deregulated capitalism brought greater material well-being only to the very richest in the richest country of the world. Indeed, over the course of this ideology’s 30-year ascendance, most Americans saw their incomes decline or stagnate year after year. Moreover, output growth in the United States was not economically sustainable. I was among those who hoped that, somehow, the financial crisis would teach Americans (and others) a lesson about the need for greater equality, stronger regulation, and a better balance between the market and government.
In the US, this right-wing resurgence, whose adherents evidently seek to repeal the basic laws of math and economics, is threatening to force a default on the national debt. China and the world economy: Crosstown traffic.