<abstract xmlns="http://www.w3.org/1999/xhtml"><p> The most obvious lesson from the recent crisis is that today's version of unfettered capitalism is unable to selfcorrect. For the past 30 years and more, perhaps, the neoliberal model of capitalism has ruled supreme, promoting ultimate freedom in markets and the globalisation of finance to apparently deliver endless prosperity to all through consumption-led growth. The result has been massive environmental damage, depletion of natural resources and a growing gap between rich and poor. The model is unravelling, as the hidden costs are surfacing everywhere. Asian governments are being called upon to wake up and understand that to rely on the market to correct the inefficiencies in the allocation of resources is at best futile and naive and at worst plain dishonest.</p></abstract>

The most obvious lesson from the recent crisis is that today's version of unfettered capitalism is unable to selfcorrect. For the past 30 years and more, perhaps, the neoliberal model of capitalism has ruled supreme, promoting ultimate freedom in markets and the globalisation of finance to apparently deliver endless prosperity to all through consumption-led growth. The result has been massive environmental damage, depletion of natural resources and a growing gap between rich and poor. The model is unravelling, as the hidden costs are surfacing everywhere. Asian governments are being called upon to wake up and understand that to rely on the market to correct the inefficiencies in the allocation of resources is at best futile and naive and at worst plain dishonest.

Shock Therapy – Rethinking the Global Order

Global Institute for Tomorrow, Suite 1111, Cityplaza One, 1111 King's Road, Taikoo Shing, Hong Kong

Social Change Review

{"article-title":"Shock Therapy \u2013 Rethinking the Global Order"}

The most obvious lesson from the recent crisis is that today's version of unfettered capitalism is unable to selfcorrect. For the past 30 years and more,...

Shock Therapy – Rethinking the Global Order

Published Online: Aug 15, 2013

Page range: 59 - 67

DOI: https://doi.org/10.2478/scr-2013-0005

Keywords
Capitalism Consumerism Globalisation Global economy Governance Lifestyle Poverty Environmental degradation Sustainability Resource constraint Market inefficiencies

This content is open access.

Shock Therapy – Rethinking the Global Order

Published Online: Aug 15, 2013

Page range: 59 - 67

DOI: https://doi.org/10.2478/scr-2013-0005

KeywordsCapitalism Consumerism Globalisation Global economy Governance Lifestyle Poverty Environmental degradation Sustainability Resource constraint Market inefficiencies

This content is open access.

Keywords
Capitalism Consumerism Globalisation Global economy Governance Lifestyle Poverty Environmental degradation Sustainability Resource constraint Market inefficiencies