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Consumptionomics by Chandran Nair

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What should states be doing?

During the era of market fundamentalism, governments in Asia were repeatedly told by advocates of the Washington consensus that their job was to get out of the way. For sure, they had a handful of important tasks, including ensuring national security and providing basic legal, social and physical infrastructure, but otherwise the best thing they could do was interfere as little as possible, especially in the workings of the market.

That era looked like it came to a close with the global financial crisis. In its wake there have been vocal calls for much stronger government oversight of financial markets. As the financial crisis unfolded, it seemed the world was being presented with a chance to reassess both the mechanisms ...

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