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Op-ed: Here’s how Trump or Biden can help save democratic capitalism

2020-10-18 09:26:53       source:CNBC

October 17, 2020

IMF employees have joked among themselves for years about when the fund’s bylaws would kick in, requiring them to move from Washington to Beijing. Written when no rival to U.S. economic leadership was in sight, the bylaws require that the headquarters be in the world’s largest economy.

They aren’t laughing anymore.

The underlying story of this week’s IMF and World Bank meetings, held virtually from Washington, is that democratic capitalism is suffering dangerous new blows and autocratic capitalism is enjoying new gains as a result of this disruptive year of Covid-19 that will strip 4.4% of the world economy this year or $11 trillion of output next year.

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