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30 May, 19:37

The golden straitjacket describes what states must do to participate competitively in the global market, and includes steps such as strengthening state bureaucracy and promoting state-run industries over the private sector industries.

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  1. 30 May, 21:56
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    This is false. The Golden Straitjacket is a term that was coined by New York Times columnist Thomas Friedman. Friedman states that when a country dons the Golden Straitjacket, their economy grows and expands, and their politics shrinks. In other words, he's saying that these countries actually need to let go of a certain degree of economic sovereignty to global fixtures such as capital markets.
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