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Consumptionomics by Chandran Nair

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Rejection

The dominant economic orthodoxy has a strong hold over Asia. The practices and ideology of consumer-driven capitalism did not just mysteriously arrive in the region and naturally take root. Western companies and Western governments actively promoted them.

Much as the shape of the American financial system was determined by its banks and other institutions – which spent hundreds of millions of dollars on lobbying to free themselves of regulatory constraints – so across Asia, Western business interests and their Asian proxies have endlessly lobbied to be allowed to act as freely as possible. The World Bank and the World Trade Organization supported their efforts with missions and ‘advisers’ to governments along with report cards praising ...

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