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.
Despite the continuing instability of the current economic
system, the belief that neoliberal capitalism is indestructible has not yet
been abandoned. Perhaps only a more serious crisis will overturn this erroneous
idea upon which so many policies are based, says John Gray.
Three decades after its inception, the ‘Tobin tax’ has
finally entered the mainstream political debate. Campaigners must now ensure its
primary purpose remains to redistribute finance away from the failed banking
system and toward benefiting the world’s poor, writes Anna White.
The two attempts to live up to the full binary logic of capitalism and socialism have both failed. In shaping tomorrow's economy, we have to re-prioritise social security,
welfare, and the values and aims of public service over "the tyranny of the GDP", writes Eric Hobsbawm.
The development of globalised capitalism has led to financial, food and
climate crises that threaten the regions of the world in different ways. This
report compiles views raised at the 'Conference on Alternatives and Transformation Paths to Overcome the Regime of Crisis-Capitalism', by the Transnational Institute et al.
Policymakers are edging towards recognising that GDP
is not an adequate index of our economic or societal well-being. Do we need to completely rethink the economic system to prioritise
sustainable prosperity over economic growth? Articles from The Ecologist and New Scientist.
The fall of the Berlin Wall was hailed as the triumph of
free market ideals. But even as the financial crisis exposes the weakness of this
simplistic approach to economic management, the debate has yet to move beyond it,
writes Michael Hirsh.
New approaches to economic thought are challenging classical
theories based on self-interested individuals whose decisions can be reduced to mathematical
equations – building a more realistic discipline with the potential to improve the human condition, writes Paul Ormerod.