Himalayan Consensus discussed at the Asia Economic Community Forum 2009 Part 02
Channel: laurencebrahmchannel
Date: 18/04/2012

During the Asia Economic Community Forum, Laurence Brahm speaks about the meaning of terms such as "Anti-Globalization" and the "Washington Consensus" and the way that many current economic assumptions are damaging to the economies of developing countries. He asserts that assuming that universal greed (the so-called 'rational profit motive') at the heart of IMF and Neoliberal economic theory will produce self balancing markets, ignores many essential human values, and produces a flawed overly narrow model of development. Other systems exist, such as the model used by China in the last quarter century, and indeed, for developing nations in contemporary contexts, a new multilateral system is necessary. Pragmatic institutional transformation is a modern necessity.