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Free Markets

In: VALUES AT THE CORE How Human Values Contribute to the Rise of Nations

Author

Listed:
  • Thomas Grandjean
  • ChinHwee Tan

Abstract

1982 was not a good year for Chile. The national soccer team had lost their three games at the World Cup in Spain over the summer. But to Chileans back home, even soccer-obsessed ones, that was the least of their worries. Their economy seemed decimated. Gross domestic product (GDP) had plunged a massive 15 percent. A quarter of the working-age population was unemployed, with those out of a job receiving little support from their government. Banks had become insolvent. Foreign investors were exiting the country in droves. Local producers were unable to compete with cheaper imports. Half of the population fell below the poverty line, earning less than a dollar a day. Angry and destitute citizens took to the streets…

Suggested Citation

  • Thomas Grandjean & ChinHwee Tan, 2020. "Free Markets," World Scientific Book Chapters, in: VALUES AT THE CORE How Human Values Contribute to the Rise of Nations, chapter 7, pages 95-109, World Scientific Publishing Co. Pte. Ltd..
    • Handle: RePEc:wsi:wschap:9789811228537_0007
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    More about this item

    Keywords

    Values; Culture; Growth; Economic Growth; Development; Hard Work; Thrift; Trust; Social trust; Risk-Taking; China; Confucianism; Protestant Work Ethic; Policies; Political Stability; Free Markets; Education; Corruption; Rule of Law; Fiscal Policy; Monetary Policy; Covid-19; Coronavirus;
    All these keywords.

    JEL classification:

    • P16 - Political Economy and Comparative Economic Systems - - Capitalist Economies - - - Capitalist Institutions; Welfare State
    • O1 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development
    • O11 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Macroeconomic Analyses of Economic Development
    • O12 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Microeconomic Analyses of Economic Development
    • O23 - Economic Development, Innovation, Technological Change, and Growth - - Development Planning and Policy - - - Fiscal and Monetary Policy in Development

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