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 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.
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 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.
The most fundamental flaw in the US financial market system is its inherent drive
towards excess, and the end result is
always systemic implosion.The costs are now coming headlong like a runaway freight train, writes Henry C K Liu.
financial meltdown in the United States is huge, but it isn't unique.
a nutshell, our modern economic system has become divorced from what an
"economy" is supposed to do in human terms, writes Joshua Holland.