Telegraph UK: UN calls for return to state-led "industrial policy"...rejects free-market ideology

[marmar]

UN calls for overthrow of free market ideology
The United Nations has called for a return to state-led "industrial policy" for poorer countries in what amounts to a rejection of the free-market thinking that has dominated global institutions for the last 30 years.

By Ambrose Evans-Pritchard
Published: 8:04PM BST 16 Jul 2009


Supachai Panitchpakdi, head of the UN Conference on Trade and Development (UNCTAD), said the financial crisis had exposed the deep failings of growth models adopted in Africa, the Pacific, and parts of Asia, usually under pressure from the West.

"Some advanced countries may be seeing an end to the crisis but it's still darkness at the end of tunnel for the least developed, and many of them are going backwards. We're talking about a billion malnourished people," he said in London.

Manmohan Singh blames West for India's climate change problemsCapital flows to poorer states and export earnings have together collapsed by $2 trillion (£1.22 trillion) since the credit crunch began. "This is an alarming trend, and it's not a result of their own doing," he said.

Mr Supachai said the world had spent some $5 trillion on financial support since the crisis began but almost nothing has reached the most vulnerable countries. "There is very little trickle down," he said. .............(more)

The complete piece is at: http://www.telegraph.co.uk/finance/financetopics/financialcrisis/5844775/UN-calls-for-overthrow-of-free-market-ideology.html

[RaleighNCDUer]

1. Of course, it must be understood that 'free market thinking', translated

into real speak, mean 'economic colonialization by the western industrial powers - led by the United States'.