Difference between revisions of "Interview With Mike Huben, Creator Of Critiques Of Libertarianism"

The IMF, however, contended that the kinds of restraints that Thailand had imposed to prevent a crisis interfered with the efficient allocation of resources. If the market says, build office buildings, commercial construction must be the highest return activity. If the market says, as it effectively did after liberalization, build empty office buildings, then so be it; again, according to IMF logic, the market must know best. While Thailand was desperate for more public investment to strengthen its infrastructure and relatively weak secondary and university education systems, billions were squandered on commercial real estate. These buildings remain empty today, testimony to the risked posed by excessive market exuberance and the pervasive failures that can arise in the presence of inadequate regulation of financial institutions." Stiglitz, Joseph. (2003). Globalization and Its Discontents. New York: W. W. Norton. p 101.  

The IMF, however, contended that the kinds of restraints that Thailand had imposed to prevent a crisis interfered with the efficient allocation of resources. If the market says, build office buildings, commercial construction must be the highest return activity. If the market says, as it effectively did after liberalization, build empty office buildings, then so be it; again, according to IMF logic, the market must know best. While Thailand was desperate for more public investment to strengthen its infrastructure and relatively weak secondary and university education systems, billions were squandered on commercial real estate. These buildings remain empty today, testimony to the risked posed by excessive market exuberance and the pervasive failures that can arise in the presence of inadequate regulation of financial institutions." Stiglitz, Joseph. (2003). Globalization and Its Discontents. New York: W. W. Norton. p 101.  

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