Redefining Capitalism in Global Economic Development
Posted: 21 Jul 2020
Date Written: June 1, 2017
The process of "redefining" capitalism or reinterpreting capitalism ideologies in a modern context can reveal the virtues of classical economics and the ways they can help solve contemporary global problems. In Redefining Capitalism in Global Economic Development, Kui-Wai Li helps us reconsider capitalism by taking into account the unfolding forces of economic globalization, especially in Asian economies. It explores the economic implications and consequences of recent financial crises, terrorism, ultra-low interest rates that are decades-long, "debt-prone" countries, and countries with large trade surpluses. He illuminates these economic implications and consequences through a framework of capitalist ideologies and concepts. Recognizing that if any region is redefining capitalism today it is Asia, Li seeks not to describe why nations fail, but how the sustainability of capitalism can save the world.
Keywords: Political economy, capitalism, socialism, globalization, world economy
JEL Classification: F01, F41, F43, F62, F63, O10, O42, O50
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