STWR - Share The World's Resources

The collapse of Lehman Brothers marks the beginning of the collapse of the international financial architecture, as constructed, on very shaky foundations, by Richard Nixon in 1971 when the Bretton Woods system was dismantled - and ‘globalisation’ began to be shaped, argues Ann Pettifor.

Financial firms have become the dominant players in commodity markets, and their speculative activity has led to the price increases in oil and foodgrains, argues Jayati Ghosh.

Why is the price of oil so high? Because the Bush administration did to the commodities market what it did to housing, argues James K. Galbraith.

On 9 August 2008, the anniversary of "debtonation day" it is incumbent on citizens to hold haute finance's feet to the fire, and to demand strict regulation, transparency and oversight of the sector's activities. But on this anniversary it is also important to begin to promote solutions, writes Ann Pettifor.

Public intellectuals and the Anglo-American left have overlooked the one grievance which cuts across all regimes of the world - namely inflation, especially in vital necessities such as food and fuel costs, writes James Petras.

The flaws of laissez-faire economics are again evident in the latest set of financial debacles - requiring fundamental reforms in global finance, writes Hazel Henderson.