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Hopes and Prospects

Book by Noam Chomsky · 2 quotes · Capitalism, Free Market Capitalism, Free Market Ideology

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Hopes and Prospects Quotes

“The designers of the international economy sternly demand that the poor accept market discipline, but they ensure that they themselves are protected from its ravages, a useful arrangement that goes back to the origins of modern industrial capitalism and played a large role in dividing the world into rich and poor societies, the first and third worlds.”

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Book:Hopes and Prospects
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“After the predicted disaster occurred, an “emerging consensus” developed among economists “on the need for macroprudential supervision” of financial markets, that is, “paying attention to the stability of the financial system as a whole and not just its individual parts.” Two prominent international economists added that “there is growing recognition that our financial system is running a doomsday cycle. Whenever it fails, we rely on lax money and fiscal policies to bail it out. This response teaches the financial sector: take large gambles to get paid handsomely, and don’t worry about the costs—they will be paid by taxpayers” through bailouts and lost jobs, and the financial system “is thus resurrected to gamble again—and to fail again.” The system is a “doom loop,” in the words of the official of the Bank of England responsible for financial stability.”

CapitalismEconomicsBankingFinancial CrisisBanking SystemEconomics PhilosophyFree Market CapitalismFree MarketsFree Market Ideology
Book:Hopes and Prospects
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