From today’s Guardian:
Paul Krugman’s Nobel prize for economics signals the intellectual tide is turning against unrestricted free trade
Tuesday October 14 2008 14.30 BST
Last Friday the New York Times quoted the World Bank as saying “There’s no question the Washington consensus is dead,” indeed it “died at the time of the $700bn bail-out.” If the bail-out is death, then awarding Paul Krugman the Nobel prize for economics is the nail in the coffin.
Paul Krugman did not win the Nobel for his popular critiques of Bush-era economic policy in his New York Times column, though the column no doubt helped raise his profile outside the economics profession. The Nobel committee cited Krugman’s theoretical contributions to the economics of international trade, the policy implications of which fly in the face of the Washington consensus ( where themantra is to free up trade every chance you get).
Read the rest of the article.