Free Markets

Thomas Grandjean and ChinHwee Tan

Chapter 7 in Values at the Core:How Human Values Contribute to the Rise of Nations, 2020, pp 95-109 from World Scientific Publishing Co. Pte. Ltd.

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…

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 (search for similar items in EconPapers)
JEL-codes: O1 O11 O12 O23 P16 (search for similar items in EconPapers)
Date: 2020
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