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Robert Peetsalu's avatar

"without capitalism and oil and globalization, that curve would be much worse" - I wonder where do you take that from? What if the Anglosphere adopted Yugoslavia's market socialism instead of pushing capitalism on it through IMF? Based on evidence of worker coops the economy would be just as productive, firms just as profitable and surviving just as long as under ownership of external investors. Same for globalization - What part of it has been good for the Global South? Globalization is what halted the industrialization of the Global South and by extension the reduction of poverty. Through IMF loans and WTO trade treaties, countries of the Global South were prevented from engaging in the same protectionist economic policies that built up every single industrialized country before globalization (bans on tariffs, free capital flow requirements, etc). The result is brazilianization in the Global South and latte-stage capitalism (the coffee shop economy, see Cahal Moran) in deindustrialized countries like the UK. That's the real effect of neoliberal policies enforced by Reaganomics aka Thatcherism aka supply side economics . Let me know if you want to read more on any of that.

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