hegemony

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Paul Krugman Tries To Explain The Problems With Contemporary Economics

Needless to say, it has both good points and bad, as you might expect from an American Keynsian who also happens to be quite smart. 

Good:

So here’s what I think economists have to do. First, they have to face up to the inconvenient reality that financial markets fall far short of perfection, that they are subject to extraordinary delusions and the madness of crowds.

Bad:

Behind the violence in Gujarat, Gaza and Iraq is the banality of democracy

Article Date: 
11 Feb 2009

When last week in Ha'aretz the Israeli historian Tom Segev judged Israeli "apathy" towards the massacre in Gaza as "chilling and shameful", he brought on deja vu among Indians. In 2002 the Hindu nationalist government of Gujarat supervised the killing of more than two thousand Muslims. The state's chief minister, Narendra Modi, who green-lighted the mass murder, seemed a monstrous figure to many Indians; they then watched aghast as the citizens of Gujarat - better-educated and more prosperous than most Indians - re-elected Modi by a landslide after the pogrom.

Article Author: 
Pankaj Mishra
Article Source: 
The Guardian
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