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By G. Kolodko

Wither the area: The Political financial system of the long run addresses the hard questions of long term way forward for mankind and worldwide financial system. It employs a holistic method of resolution primary questions on the process destiny generations.

Comparative economics and social technology research are all engaged in a complete insurance of the problems dealing with the worldwide economic climate. a fancy and dynamic attention explains how issues paintings and the way they'll and the way they need to paintings sooner or later. monetary method on my own doesn't give you the such a lot passable solutions for basic questions. An interdisciplinary perspective is critical, because the way forward for the area and civilisation relies not just on what occurs within the financial sphere but in addition vis-à-vis cultural, social, political, demographic, technological, and ecological methods. this primary quantity discusses the issues with the economist's perspective and the threats and possibilities of the long run.

The research is written in an highbrow and but available type, which makes it crucial examining for college kids, researchers and students; politicians and policy-makers; and the lay reader.

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Extra info for Whither the World: The Political Economy of the Future, Volume 1

Sample text

However, I believe, despite many cases of wickedness and baseness, reprehensible greed and outrageous injustice, that people are honest by nature and that in their economic activity they can see further than the end of their nose, that they don’t have an uncontrollable urge to satisfy their needs without considering others or even at the others’ expense and that they can be loyal, when needed. Humans are social rather than wild animals. I maintain that it’s true for the overwhelming majority of people.

We need something more: a different vision and a creative strategy for the world’s economic future. To make it possible to develop such a strategy, an adequate economic theory is a must; this is a necessary though not a sufficient condition for a successful progressive social-economic policy. Somebody may ask: hey, but why should economics be progressive? Lots of people, from time to time, vote for parties that flaunt their conservatism – even in their name. Do we indeed want progress? Again, as in many other circumstances, this is a matter of definition.

Efforts to minimize the global irrationality are a major challenge to economics and economic policies in the 21st century unless we assume that globalization is a reversible process. Which is hardly so. We are dealing here with the so-called fallacy of composition, or assumption errors, of two kinds, to boot: error of the first kind (the sum of microeconomic rationalities does not automatically make up macroeconomic rationality) and of the second kind (the sum of macroeconomic rationalities does not make up megaeconomic rationality).

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