http://mrzine.monthlyreview.org/2015/images/batal_gst.jpgThe first point that we would like to put forward is that the "export-led" economic growth model has been superseded by developments in the global economy. Manufacturing jobs have translocated from the advanced Western countries to East Asia and to ASEAN, "hollowing out" the middle classes in the advanced countries of the West. Growth of aggregate demand in the US and the Euro zone has become sluggish and will remain so for the foreseeable future. The strategy of producing cheaply and competing for the US and European market will not work any more. We need a change of tactics.

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