The history of capitalism has been so totally re-written that many people in the rich world do not perceive the historical double standards involved in recommending free trade and free market to developing countries.

There is no such thing as a free market.

The top 10 per cent of the US population appropriated 91 per cent of income growth between 1989 and 2006, while the top 1 per cent took 59 per cent.

People 'over-produce' pollution because they are not paying for the costs of dealing with it.

It takes time and experience to absorb new technologies, so technologically backward producers need a period of protection from international competition during this period of learning. Such protection is costly, because the country is giving up the chance to import better and cheaper products. However, it is a price that has to be paid if it wants to develop advanced industries.

It's not just about the current economic environment. History shows that slashing budgets always leads to recession.

We are not smart enough to leave things to the market.