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The Poverty of Anti-Capitalism

With more and more people lashing out against markets, globalization, and economic growth, it is worth pausing to consider the world we may be losing. Both current challenges and the past failures of economic planning suggest that we need more market pricing, more globalization, and more growth, not less.

PRINCETON – Our world has become both confusing and confused. The international economy works well, but the political economy is mired in hostility toward markets, frustration at globalization, and skepticism about growth. Each of these beliefs interacts with, and reinforces, the others. Even large segments of the global elite are wringing their hands over the perceived failures of markets, globalization, and growth.