As deregulation, speculation and capital flows soar to record heights in the global economy, a long-held consensus amongst progressive analysts holds that the current debt-based international monetary system is inherently unstable and unsustainable – and destined for an imminent collapse on an unprecedented scale.
The global financial crisis could lead to a multitude of
problems for the world’s poor. Rather than pursuing narrow self-interest, we should use the crisis as an opportunity
to reform the international economic system to benefit the majority world,
argues Paul Rogers.
Ideology, self-interest, populist politics, and sheer incompetence have left the U.S.
economy on life support. As we attempt to resolve the present crisis, careful balancing is required. If decisive action is taken today, we can
shorten the length of the downturn and build a durable foundation for economic health, writes Joseph Stiglitz
The Wall Street
meltdown is not only due to greed and to the lack of government
regulation of a hyperactive sector. This collapse stems ultimately from
the crisis of overproduction that has plagued global capitalism since
the mid-1970s - and the worst is not yet over, says Walden Bello.
Rather
than seeking to restore the health of Wall Street’s private
institutions, a proper plan would seek to rid Wall Street of its purely
predatory elements - while dismantling and reassembling its useable
institutions to create a new system accountable to the needs of Main
Street, says David Korten.
The bailout burden for the financial crisis will not be equally shared unless there is
strong and dedicated mobilisation and campaigning across the world
- which makes a common cause across issues such as house repossessions, food price
rises, and the unaccountability of the financial system. By Alex Wilks.
The turmoil in the financial markets and the
resulting slump in the global economy has highlighted the stark
inequality in the European Union, reports David Cronin.
The US is poised to lose its role as a global financial “superpower” in the wake of the financial crisis, Peer Steinbrück, German finance minister, said on Thursday as he called for a regulatory crackdown on financial markets. By Bertrand Benoit.
