Global capitalism certainly needs governance
Abstract
The market has proved to be a very effective instrument to bring out both the bright and the dark sides of human nature. According to the UNDP, China’s rapid economic development under the market model has generated the most rapid decline in absolute poverty in human history. Yet China is also well known for its high rates of industrial accidents (with some 7,000 coal miners death in 2003, the State aimed at reducing the death toll to 5,000 by 2007) and large number of scandals involving fake goods and lethal foods, when reason succumbs to greed.
This paper has been withdrawn.