Hedging the Neoliberal Bet

Hedging the Neoliberal Bet

Has Globalization Gone Too Far?
by Dani Rodrik.
Washington D.C.: Institute for International Economics, 1997. 128 pp. $20.95.

Mainstream economists are getting a little nervous. The market for their ideas is booming, of course. The neoliberal enterprise—deregulation, privatization, and the ripping up of the social safety net—expands relentlessly around the globe. The politician and the bureaucrat are despised, the trade unionist is mocked as irrelevant, and the investor everywhere is king. What thermonuclear strategists were to the cold war, free-market economists are to the new global marketplace. But there are signs that the world is having some second thoughts about the neoliberal model. And who more than economists understands that when a bull market looks like it may be topping out, it is time to hedge your bets?

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Lima