They [<nowiki/>free market policies] were never based on solid empirical and theoretical foundations, and even as many of these policies were being p… - Joseph E. Stiglitz

I recognized that information was, in many respects, like a public good, and it was this insight that made it clear to me that it was unlikely that the private market would provide efficient resource allocations whenever information was endogenous.

Perhaps the most successful global monopoly is Microsoft, which has succeeded in gaining global market power not only in PC operating systems but in key applications such as browsers. [...] Microsoft's monopoly power leads not only to higher prices but to less innovation. [...] The failure to develop a global approach to global cartels and monopolies is yet another instance of economic globalization outpacing political globalization.

The era of multilateral trade liberalization seems to be nearing an end (at least for a while), as well-founded disillusionment in the developing countries combines with growing protectionist sentiment in the developed world.