Rich countries have 'kicked away the ladder' by forcing free-market, free-trade policies on poor countries. Already established countries do not want more competitors emerging through the nationalistic policies they themselves successfully used in the past.

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

The best way to boost the economy is to redistribute wealth downward, as poorer people tend to spend a higher proportion of their income.

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.

Rich countries have 'kicked away the ladder' by forcing free-market, free-trade policies on poor countries. Already established countries do not want more competitors emerging through the nationalistic policies they themselves successfully used in the past.

Democracy and markets are both fundamental building blocks for a decent society. But they clash at a fundamental level. We need to balance them.

Low inflation and government prudence may be harmful for economic development.