The End Of The Cold War

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The end of the Cold War and the dissolution of the Soviet Union were heralded by many as the end of history. Economic and political liberalism, it was argued, had triumphed over all other political and economic systems and was thus going to usher the world into an era of endless freedom and stability. This new global system, bounded by the principles of democracy and free market capitalism, was promoted as being the panacea for the liberation of the individual from the ills and control of old bureaucracies and class divisions. However, the attempt at liberating the individual, through market forces has led to an unprecedented rise in inequalities and the near collapse of social mobility. The liberal project has over the last two decades presided over an unequal distributive system where most of the gains of society have gone to the elite and privileged class—the same class that the liberal project was suppose to free the individual from—while the middle and working class fight for crumps. This unequal distribution of wealth and income has reignited centuries old debate among economist about the type of market system that should govern the global political economy—a self-directing market system or a state driven market economy. This paper, takes the side of the latter, arguing that the liberal economic project is based on flawed assumptions, which in effect must be reevaluated. Contrary to the so-called “established facts ” that underpin the liberal economic system,

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