As the world economy tumbles off the edge of a precipice, critics of the economics profession are raising questions about its complicity in the current crisis. Rightly so: economists have plenty to answer for.

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There is just possibly a silver lining for developing nations in the present crisis, and it is that they may well emerge collectively with a much bigger say in the institutions that govern economic globalisation.

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Barack Obama's stance on free trade is in line with reputable economists who argue that it hinders development. Recent work by leading economists suggests that a new consensus is emerging on free trade agreements.

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