Blighted by a neoliberal vision
Blighted by a neoliberal vision: A rebel economist shows how the discipline lacks both compassion and a sense of responsibility...
Excerpts from the book review:
"Raworth brings out in detail how by ‘putting blind faith in markets – while ignoring the living world, society and the runaway power of banks’ -- neo liberalism has taken ‘us to the brink of ecological, social and financial collapse.’ ‘It is time’ , she announces, ‘for the neoliberal show to leave the stage,’ with a new century demanding a different kind of economics, ‘better suited to our times.’
Raworth has a chapter for each of the seven aspects she believes should be at the heart of the transition from neoliberalism to a new economic paradigm, among them, adopting her Doughnut model that moves the focus from the need for economies to grow even if they do not thrive, to one that makes it thrive whether or not they grow. She also expects her model to help see the big picture of an economy, respect the Earth and nurture social connections so fundamental for democracies to thrive.
Raworth also brings out how important it is to empower the state to take care of things only it can manage, such as providing health and education. Her model, she asserts, will also consciously promote and acknowledge the contributions of the households and the commons as much as it will, that of the market. Raworth also envisages that her model will replace neoliberalism’s ‘rational economic man’, with socially adaptable humans who will collaborate and cooperate. Raworth believes that her model will create an economy which will reduce inequalities by being distributive and regenerative by design while moving it away from a ‘growth will clean it up again’ approach."