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- W2016389963 abstract "The world feels itself to be in transition, but to what is unclear. Will the liberalmarket model retain its normative primacy once some semblance of normality isrestored, or will other varieties of capitalism, with a bigger role of the state, acquiremore legitimacy? The answer depends partly on one’s explanation for the currentcrisis. This essay argues, first, that global imbalances had too important a role toignore, in contrast to a mainstream view that focuses on mistakes in monetary policyand financial regulation. It argues, second, that in light of global dynamics, the crisisis likely to become worse by early 2010—which, on the face of it, makes significantreorganisations of capitalism more likely. The third section lays out what should bedone to reconfigure capitalism at national and international levels. The final sectiondiscusses the political economy of policy reforms in terms of the difficult translationfrom what should be done to what can be done. The broad conclusion is that in fiveyears from now the liberal market model will have been restored to normativeprimacy and ‘we must have more globalization’ will again be the elite rallying cry;but the crisis will have left behind sufficient doubts about factual propositions andvalue priorities that political parties and economists advocating alternatives will havemore scope than they have had for the past three decades." @default.
- W2016389963 created "2016-06-24" @default.
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- W2016389963 date "2009-07-01" @default.
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- W2016389963 title "From global imbalances to global reorganisations" @default.
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- W2016389963 doi "https://doi.org/10.1093/cje/bep032" @default.
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