The year 2024 has revealed starkly the insufficiency of 20th-century economics to solve problems of runaway climate change, inequitable growth, and the rise of authoritarian governments.
Economics became the imperial science for driving public policy in the 20th century. Social and political turmoil in the West between the two World Wars was fueled by economic injustice. Political movements rose to correct the imbalances—Nazism in Germany, fascism in Italy, communism in Russia. After the Second World War, the Western world became divided between the communist Soviet Union and capitalist US with socialist Europe in the middle. Keynesian economics provided the foundations for socialist policies and international trade and development institutions. By century's end, the Washington ideology of free trade and private enterprises prevailed over socialism, and communism was buried.
Economic science in its present state cannot provide solutions for problems it has unwittingly caused. Benefits of growth are not flowing down quickly enough to nourish society equitably. Movements from the Left and the Right are rising to challenge neo-liberal ideology. Liberals are alarmed by the rise of authoritarian governments and demands for local jobs and self-reliance even in the US. New models of economic growth are required, which do not exploit nature, and improve the distribution of well-being and equitable opportunities for all citizens, not just increase GDP.
This story is from the December 24, 2024 edition of Mint Chennai.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the December 24, 2024 edition of Mint Chennai.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
End the year with music, art
A Mint guide to what's happening in and around your city
Do fashion collaborations give both brands an edge?
As more international brands look to partner with Indian creatives, a closer look at what will make these mergers truly meaningful
Purists Don't Want Bakers To 'Mess' With The Mince Pie
Some Brits believe jazzing up the festive treat, made of dried fruit and pastry, takes away its nostalgic value
How will US federal workers react to the wrath of DOGE?
They face hard choices. The US should heed past advice on reforms
Watch 'Industry': Delve into imaginary trading
This serial does what the film 'Wall Street' did. It reveals how grubby investment banking can be. But it also shows the power of money to bury hatchets and forge unlikely alliances
A manufacturing sector revival is a must to uplift our economy
India requires structural changes that go beyond cosmetic policy tweaks to address the real issues
Bridging the Insurance Gap for India's Self-Employed with Tech Solutions
Self-employed people struggle to access term insurance and other financial protections
CFA or CFP: What's Right for Your Financial Career Goal?
Exploring the career paths of CFA and CFP aspirants from diverse professional backgrounds
Simhavalokana 2024: What Mr. Market Taught
Step into the shoes of an investor to understand the thrills (and surprises) a roaring bull market churns out
Hospital room rent caps: How dual policies can affect claims?
My corporate insurance policy includes a room rent cap for hospital stays, while my individual insurance policy does not. Will staying in a higher-category room affect my claim?
