STWR - Share The World's Resources

The financial crisis has debunked the myth that the free market is intrinsically stable and leads to greater prosperity for all. Economists must now face up to the reality of the flaws and frictions inherent in the current economic system, says Paul Krugman.

A report produced by distinguished economist Joseph Stiglitz for the United Nations offers welcome proposals for global financial and institutional reform. But its recommendations fail to see beyond the orthodox liberal vision of finance-driven economic growth, argues Samir Amin.  

Iceland's highly indebted financial system has been one of the greatest victims of the credit crunch. In response, the Icelandic government has promised only to repay its debts at a rate it could afford - a potential landmark decision for debtor nations in the developing world, says Nick Dearden.

Despite calls for reform of the global financial architecture by governments of poorer countries, the UN summit on the financial crisis failed to yield meaningful results - largely because many richer countries sidelined the event and blocked progressive proposals. By STWR.

Claims of ‘green shoots' in the global economy are misleading and mask the severe impact of the downturn on poverty and food security in poor countries. Governments can counteract this unfolding humanitarian crisis by prioritising economic equality at this year's international summits. By STWR.

Rather than the commonly blamed US housing bubble, the real cause of the financial crisis was a systemic imbalance between supply and demand. Until businesses raise their workers' wages at the same rate as productivity, economic recovery remains unlikely, says Pranav Bihari.