Some people continue to defend trickle-down theories which assume that economic growth, encouraged by a free market, will inevitably succeed in bringing about greater justice and inclusiveness in the world. This opinion, which has never been confirmed by the facts, expresses a crude and naïve trust in the goodness of those wielding economic power and in the sacralized workings of the prevailing economic system.
The Global Financial Crisis of 2007-08 exposed many of the inherent flaws and weaknesses of the existing global economic system, particularly reckless corporate investment and unscrupulous banking practices, and left a legacy of economic hardship throughout much of the world.
The years following the Global Financial Crisis have seen continuing rapid growth in the wealthier developing economies, particularly China, while Europe and the United States have struggled to emerge from recession. But new crises are looming and in the longer term, developments such as climate change and shortages of key resources could have serious and unpredictable consequences for economies everywhere.