The Editor, Sir:

The current failures of the market economy, on which it seems our entire civilisation is now based, has highlighted some significant shortcomings of capitalism as it is practised and preached worldwide.

Although I have no formal training in economics, I have always been fascinated by economic theory, primarily because I believe the assumptions on which these theories rest are unsound.

Soundness of theory

In fact, many notable econo-mists have questioned the soundness of current neoclassical economic theory among them, Steven Keen who wrote the popular book, Debunking Economics.

Far from being an antidote to the world's social and economic problems, capitalism and its offspring, financial liberalisation, have created huge inequities between the rich and poor.

Maintain status quo

Yet, despite this glaringly obvious fact, it is almost sacrilegious in most quarters to even question whether there can be an alternative economic theory which can work for the majority of the world's population rather than the select few.

Neoclassical economic theory has provided the justification for maintaining the status quo of the dominant social system and hierarchies.

Now that the rich and 'rich countries' have witnessed a massive erosion of their wealth in just a few weeks, they might be much more willing to entertain dialogue on developing economic theories which, in Keen's words, are based on realism, not idealism.

If that time ever comes, I would expect that developing countries like Jamaica will be an active part of any international debate because too often, we are the 'willing' victims of global economic ideology.

I am, etc.,

CAMILE ROWE

jardon_32@yahoo.com

Mandeville

Via Go-Jamaica