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Capitalism Chinese Style |
| Section: CURRENT ISSUES / COMMENTARY |
| Author: Peter Morici |
| Publication: The world & I online |
| Issue Date: 2/1/2006 |
| Size: 636 Words, 4,502 Characters |
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The stalemate at the 2005 World Trade Organization meetings was a significant setback for U.S. and European Union policymakers for political as well as economic reasons.
The WTO promotes global commerce by cutting tariffs and instigating domestic market reforms, and these can powerfully accelerate growth and social progress, especially in developing countries. As important, open markets encourage democracy because entrepreneurs and innovation flourish with democratic legal protections.
Yet history demonstrates that the link between markets and democ...
. . .
...n determining commodity prices and the terms of financial contracts would greatly reduce their national wealth, economic stability and global influence.
Despite reports of Chinese intentions by the Wall Street Journal and other media, U.S. and EU officials are noticeable only by their silence.
Can anyone in Brussels or Washington connect the dots?
© 2005 United Press International
(575 of 4,502 characters)
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