ABSTRACT
Recurrent global crises show that self-regulated markets do not generate market equilibrium and economic growth; rather, they increase instability and structural poverty, and lessen the possibility of achieving sustainable economic development. As Gilpin states,
the Herculean task of raising the great mass of humanity from poverty to acceptable levels of economic welfare is one of the most difficult tasks facing the world economy. There is intense disagreement among economists, public officials, and other experts over the best way to achieve this goal. Indeed, there is not even a generally accepted commitment to accord priority to economic development.
