TAILIEUCHUNG - Global economy: New trends

The current global economic and financial crises led by free markets economies; that clearly indicates the collapse of Milton-Friedman‘s philosophy of Chicago university which was based on Adam Smith‘s classical economic theory, and policies of ‗ThatcherReagan‘ free - market model; as dominated thinking for 30 years has been discredited. The systemic crisis of capitalism is looming right after. The pursuit of the model based on the growth of the real economy and of the consumption attached to it, has become, for the first time in history a real threat for the future of humankind and the planet. | Journal of Applied Finance Banking vol. 3 no. 4 2013 229-244 ISSN 1792-6580 print version 1792-6599 online Scienpress Ltd 2013 Global Economy New Trends . Prabhakar1 Abstract The current global economic and financial crises led by free markets economies that clearly indicates the collapse of Milton-Friedman s philosophy of Chicago university which was based on Adam Smith s classical economic theory and policies of Thatcher-Reagan free - market model as dominated thinking for 30 years has been discredited. The systemic crisis of capitalism is looming right after. The pursuit of the model based on the growth of the real economy and of the consumption attached to it has become for the first time in history a real threat for the future of humankind and the planet. JEL classification numbers E310 P240 D630 Keywords Great Depression Financial bubbles Sovereign Debt Crisis Global Hunger Unemployment Inflation Inequality. 1 Introduction Milton-Friedman s philosophy of Chicago University which was based on Adam Smith s classical economic theory initially launched in South America. Since 1980 the USA and the United Kingdom applied such policies during Thatcher- Reagan regimes. In the mid-of 1980s some donor dependent African countries followed these policies of free -market model. Since 1990s it has become a global phenomenon as dominated thinking for the last 30 years now it has been discredited. A decade long economic depression has been a severe worldwide. The world over market is being crashed. All and sundry can see the crumbling of capitalism. All over unemployment problems rises in upward direction wide income inequality gap poverty low profits high inflation plunging farm incomes and lost opportunities for economic growth and personal advancement can be seen. 1PhD Senior Lecturer in Development Studies School of Economics Finance Banking College of Business Universiti Utara Malaysia 06010 UUM Sintok Kedah Darul Aman Malaysia Phone 604 928 3511. Article Info .

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