The White House knows that the Global South has a point
Rich countries espouse active industrial policy at home while continuing to impose outdated policies abroad
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The writer says economic policy in many countries has entered a new era of supports and subsidies.
PHOTO: REUTERS
Rana Foroohar
Economic policy in many countries has entered a new era of supports and subsidies. But global financial markets have yet to catch up.
Consider some of the headlines over the past week or so. At the IMF/World Bank meetings in Washington, the so-called Bretton Woods institutions came under siege as leaders from the Global South decried the hypocrisy of rich-country creditors demanding austerity from borrowers while running up huge debt loads of their own.
