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	<title>economic growth &#8211; Kapok Tree Diplomacy</title>
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		<title>To what extent is the cultivation of economic growth under Western ‘free market’ principles even possible in the developing world?</title>
		<link>https://kapoktreediplomacy.com/hp_wordpress/to-what-extent-is-the-cultivation-of-economic-growth-under-western-free-market-auspices-feasible-in-the-developing-world/</link>
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		<pubDate>Sun, 17 Feb 2013 22:35:58 +0000</pubDate>
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					<description><![CDATA[Assuming that the ‘developing world’ includes the entire developing world, not just states undergoing post-conflict reconstruction (PCR), I think we must first define what Western ‘free market’ auspices are, and how might they be cultivated under Western/liberal principles.

Gilpin asserts that “Liberalism may, in fact, be defined as a doctrine and set of principles for organizing and managing a market economy in order to achieve maximum efficiency, economic growth and individual welfare” that is committed to “free markets and minimal state intervention,” “individual equality and liberty,” and the “premise … that the individual consumer, firm, or household is the basis for society” (421-422). Does this type of economy promote the stability a developing state needs?

Liberalism has its own set of empirical economic laws geared towards stability to include: comparative advantage, marginal utility, a quantity theory of money and rational choice that lead a market economy towards a “powerful tendency towards equilibrium and inherent stability” (Gilpin 422-423). ]]></description>
		
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