Soaring capital flows, a debt-based consumer culture and unbalanced trade between countries all contributed to the worst financial crisis since the Great Depression. The question now is whether governments follow a 'business as usual' model based on self-interest and inequality, or one that promotes equitable development based on moral and social principles.
The financial crisis is likely to reinforce a shift in the prevailing model of capitalism in developing countries, away from orthodoxy or so-called market fundamentalism. But will the financial crisis be a trigger for a new
twenty-first-century approach to collective action on global problems? A report by Nancy Birdsall.
For far too long, we have allowed Wall Street to play us as marks in a
confidence scam of audacious proportion. It’s time for action to bust the banking trusts,
replace the current Wall Street banking system with a Main Street
banking system, and to take back America. By David Korten.
We are in the second phase of an economic crisis which is global in its
scale and reach, affecting all our major institutions and established
ways of thinking. How did we get here? And what can we do now to prevent
worldwide economic meltdown? A brief by the New Economics Foundation.
Despite the financial crisis and it's outgoing repercussions, the financial sector remains fundamental to most aspects
of human activity. In an attempt to better understand it's inner workings, this
nuts and bolts guide demystifies the world of finance and banking - from hedge
funds to the money markets and derivatives. By Corporate Watch.
International protest should remain active until a reorganization of the financial markets has finally been achieved and thus the core questions regarding a better and fairer global order can be tackled. Sustainable development is still an option, according to a paper by the Global Marshall Plan Initiative.
Failure of policymakers, especially those in Europe and the United States, to address the jobs crisis and prevent sovereign debt distress and financial sector fragility from escalating, poses the most acute risk for the global economy in the outlook for 2012-2013, says World Economic Situation and Prospects 2012.
Austerity economics has not worked in one single case in
Europe in the last two years. By ignoring the teachings of John Maynard Keynes, European policy makers will deepen, not solve, the financial crisis and
millions of people will suffer needlessly, writes Jeff Madrick.
