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The situation in a number of countries reminds one that it's still a risky world out there in the emerging markets.
--
Michael M. Phillips, The Wall Street Journal (April 16, 1999) "Global Economic Crisis In Its Last Days", Pittsburgh Post-Gazette, p. C-1.

 

Lawrence Summers

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Rich countries have ‘kicked away the ladder’ by forcing free-market, free-trade policies on poor countries. Already established countries do not want more competitors emerging through the nationalistic policies they themselves successfully used in the past.

 

Ha-Joon Chang

 

The capitalists of a country which manages to capture foreign markets from other countries are able to increase their profits at the expense of the capitalists of the other countries. Similarly, a colonial metropolis may achieve an export surplus through investment in its dependencies.

 

Michal Kalecki

 

If a Martian were asked to pick the most efficient and humane economic systems on earth, it would certainly not choose the countries which rely most on markets. The United States is a stagnant economy in which real wages have been constant for more than a decade and the real income of the bottom 40 percent of the population declined. It is an inhumane society in which 11.5 percent of the population, some 32 million people, including 20 percent of all children, live in absolute poverty. It is the oldest democracy on earth but also one with the lowest voting rates among democracies and the highest per capita prison population in the world. The fastest developing countries in the world today are among those where the state pursues active industrial and trade policies; the few countries in the world in which almost no one is poor today are those in which the state has been engaged in massive social welfare and labor market policies.

 

Adam Przeworski

 

More importantly however, is that a new generation of leaders is emerging in Africa who does not want to approach the world with a begging bowl. Leaders who want to engage the world as partners; leaders who are prepared to take responsibilities for the problems of their countries and continent; leaders who recognize the enormous opportunities that abound in the world and are eager to connect Africa to the centres of those opportunities; leaders who want to harness the huge resources of Africa to play on the global stage; leaders who are not content to ask, ‘what can the rest of the world do for us', but rather ‘what can we do with the rest of the world.'

 

Bukola Saraki

 

Britain and the US are not the homes of free trade; in fact, for a long time they were the most protectionist countries in the world. Not all countries have succeeded through protection and subsidies, but few have done so without them. For developing countries, free trade has a rarely been a matter of choice; it was often an imposition from outside, sometimes even through military power. Most of them did very poorly under free trade; they did much better when they used protection and subsidies. The best-performing economies have been those that opened up their economies selectively and gradually. Neo-liberal free-trade free-market policy claims to sacrifice equity for growth, but in fact it achieves neither; growth has slowed down in the past two and a half decades when markets were freed and borders opened.

 

Ha-Joon Chang