“Free-market ideology must be tempered if we are to create equality, but we must be wary of lapsing back into protectionism. Today’s consumers do not want more and better goods and services for a reasonable price. Rather, they increasingly expect companies to contribute to social welfare and the common good,” says Klaus Schwab, founder and executive chairman of the World Economic Forum. Free-market fundamentalism has eroded worker rights and economic security, triggered a deregulatory race to the bottom and ruinous tax competition, and enabled the emergence of massive, new global monopolies.
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