Since the imposition of free market policies in the 1980s, globalization has come to represent an ideological battle between those who favor economic growth and deregulation through the growing power of multinational corporations, versus those who prefer a more sustainable and democratic approach to international development, socio-economic justice, and the securing of basic human rights and needs.
When the G20 summit convenes on 15 November, world leaders need to realise that economic alternatives cannot be designed by western
powers alone, and a
densely interconnected world with 2 billion marginalised people will never be
either secure or stable, writes Dirk Messner and Simon Maxwell.
The logic of free-market capitalism states that the economy must grow continuously or face an unpalatable collapse. With the environmental situation reaching crisis point, however, it is time to stop pretending that mindlessly chasing economic growth is compatible with sustainability, argues Tim Jackson.
The Reagan-Bush mythology of small government and small-borne solutions has led the US to a macro-economic collapse. Barack Obama offers the breathtaking hope of a new economics that could save the US, the poor and the planet simulaneously, says Jeffrey Sachs.
The prescient analysis of John Maynard Keynes suggests that contradictions in 'laissez-faire capitalism' lead us to inevitable boom and bust. Now, we must use his ideas to reform the global economy by 'returning the state', suggests Prabhat Patnaik.
The 'financial hurricane' of 2007-2008 leaves fundamental questions of our economy, environment and political systems. Can democracy deliver a sustainable environment - and will a system-wide crisis be connected to system-wide change? By John Elkington and Mark Lee.
The writings of University of Chicago economists led to a liberation of greed in the name of freedom. Now, the finanical crisis should be for Friedmanism what the fall of the
Berlin Wall was for authoritarian communism: an indictment of ideology, argues Naomi Klein.
The most unnerving fact about the financial crisis is that it
started in the world’s strongest economy, the US. However, the crisis could have a silver lining: a wiser, more nimble US could emerge from the chaos, writes Branko Milanovic.