The worst danger in an economic crisis is to forget everything we know about economics. Though the free market does not exclude cyclical downturns, they are due to uncontrolled innovation-a defect in the system, not a failure of the system. To get rid of the free market because it is imperfect would be a dangerous over-reaction. After all, state intervention is imperfect as well-as human nature is, for that matter.
During the current crisis, it's especially important to remember the unprecedented benefits that free markets have brought mankind. Beginning in the early 19820s, the public sector has given ground to market capitalism, and the results have been breathtaking. Opening economies and promoting trade helped reconstruct Eastern Europe after 1990 and have lifted 800 million people out of poverty across the globe.
In Economics Does Not Lie, Guy Sorman shows that behind this unprecedented growth there is not only the collapse of state socialism but also a scientific revolution in economics-one that is so far dimly understood by the public but increasingly embraced by policy makers around the world. He also reminds us that before this free-market revolution, bad economic policies revaged entire nations during the twentieth century. History has provd conclusively that any attempt to return to those obsolete policies would bring, not the end of the crisis, but chaos and poverty. The way out of the crisis is, rather, to rebuild trust in the free-market society that has performed such miracles over the last thirty years.
About the Author
Guy Sorman has authored over twenty books on international and contemporary affairs, including The Empire of Lies, The Truth about China in the 21st Century (Encounter Books, 2008), The Genius of India (Full Circle, New Delhi, 2009), The New Wealth of Nations (Hoover Press 1987) and The Conservative Revolution in America (Regnery, Chicago, 1984). A leading French intellectual, Sorman champions the free market and democracy. He is a contributing editor of City Journal (New York) and writer for Le Figaro (Paris) ABC (Madrid) and The Wall Street Journal. Sorman taught economics at the Paris Institute of Political Sciences from 1970 to 2000. He has held several public offices, including advisor to the prime minister of France (1995-1997) and global advisor to the President of South Korea.
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