A deeply flawed economic system has led to the entrenchment of international poverty and inequality. However, an extraordinary series of bank collapses and bailouts present a rare opportunity to reform global governance in ways that address the systemic inequalities of the neo-liberal age, argues Paul Rogers.
The roots of the economic crisis lie in overaccumulation, financialisation and ‘global apartheid’ - and international financial volatility is now constraining social, political and environmental progress in the developing world, argues Patrick Bond.
No one knows how serious the current crisis will become. However, as the neoliberal order erodes in
the US, Europe and internationally, we will see the end of a
certain era of financial liberalization driven by market
fundamentalism, creating opportunities for real change, says Noam Chomsky.
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
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.
