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Does the financial crisis signal the end of free markets and a return to state intervention?

Shanta Devarajan's picture

At a recent videoconference with journalists, I was asked the question in the title of this post several times.   Does the fact that private banks in the United States are going bankrupt mean that the free market system is a failure?  Does the fact that the United States government is bailing out these banks and in some cases “nationalizing” them mean that state intervention is back?

Governance for a Crowded Planet: The Need to Leap and to Innovate – Part I

Verena Fritz's picture

In March, Jeffrey Sachs published his latest book Common Wealth: Economics for a Crowded Planet – an urgent plea for societies across the globe to reduce and better manage their impact on the earth’s ecosystems if we want to survive and prosper in an ever more crowded world.

As Sachs warns, continuing ‘business as usual’ will make life on our planet increasingly unsustainable. Air pollution and global warming present the biggest risks. But as humans have come to use almost any natural resource intensively, there are also major risks related to the availability of water and of fertile top-soil. At the same time, Sachs argues that we have the technical tools and the economic means to save the planet and to accommodate a rising global population – as well as increasing global wealth and rising consumption in today’s poorer countries.

Internet course: Advanced Poverty Analysis

Ignacio Hernandez's picture

Advanced Poverty Analysis: Poverty Dynamics (November 24 - December 15, 2008)

This ten-session on-line course on poverty analysis, delivered by the World Bank Institute over a period of three weeks, will emphasize the measurement and interpretation of poverty dynamics.

The course will be structured as follows:

October 8 is International Day for Disaster Reduction

Zoe Elena Trohanis's picture

Growing up in Chapel Hill, North Carolina, every year in elementary, junior high and high school, we would participate in hurricane drills. An alarm would sound, and all the kids would file into the interior hallways, sit cross-legged on the floor, and cover our heads with our hands. Some of us, if there wasn't a hallway handy, would crawl under our desks until we were told it was safe to resurface. Thinking back on those drills, I knew they were important but never quite made the link as to why we had to do these exercises, since strong hurricanes never seemed to make their way that far inland while I was growing up. Of course then in 2004, Hurricane Ivan blew through my hometown and caused massive damage, and knocked out my parents' power and water supply for more than a week. I'm sure the local schools put their hurricane drills to good use during that storm.

High Quality News Decreases Local Participation?

Antonio Lambino's picture

If one were to believe all these surveys that ask people about their media use, then people who are found to be “in the know” regarding public affairs are usually those who read newspapers and, to a lesser degree, watch the news.  People who primarily consume or self-report a preference for entertainment usually score lower on these political knowledge questions (themselves controversial) than news junkies.


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