Magazine article Risk Management

The End of the Free Market: Who Wins the War between States and Corporations?

Magazine article Risk Management

The End of the Free Market: Who Wins the War between States and Corporations?

Article excerpt

THE END OF THE FREE MARKET: Who Wins the War Between States and Corporations?

by Ian Bremmer

Beginning in the late 1970s, UK and U.S. economies entered a period of increasing privatization and deregulation. In time, these Margaret Thatcher- and Ronald Reagan-led policies were adopted by many other nations, and the current era of globalization can in part be attributed to the more uniform trade, regulatory and fiscal policies that evolved internationally as a result.

Now, according to a new book by Eurasia Group President Ian Bremmer, we may be in for another shift. In The End of the Free Market, he details a new, perhaps threatening reality: a proliferation of "state capitalism." After decades of expanding wealth for citizens and corporations (particularly following the collapse of the Soviet Union), state-owned wealth has made a comeback with China, Russia and multiple Arab monarchies, such as Saudi Arabia, leading the charge.

"Twenty years ago, the collapse of Eastern Europe and Soviet Communism drove a stake through the heart of the argument that governments could generate national prosperity though direct and active management of national economies," wrote Bremmer. …

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