Capitalism and Development
What disrupts the flows of money capitalism? How can poor countries best develop their societies? Laurie Taylor hears two thinkers attack the orthodoxy of modern economics.
"Capital is the lifeblood that flows through the body politic of all those societies we call capitalist, spreading out, sometimes as a trickle and other times as a flood, into every nook and cranny of the inhabited world", writes David Harvey, the world's most cited academic geographer. He gives Laurie a radical critique of what governs that flow of capital and what causes the crises which, he claims, will increasingly disrupt that flow with alarming rapidity. Modern economics has buried its head in detail but ignored the systematic character of capital flow, he claims, and it is time for a restore an understanding of how capital works.
Also on Thinking Allowed is the Cambridge development economist Ha-Joon Chang. In his analysis the detailed global programmes on international development amount to little more than poverty reduction, and the rich world is keeping the less developed countries poor in the name of free trade.