STWR - Share The World's Resources

With only piecemeal reforms to the financial system made at the G20 summit in Pittsburgh, the key tenets of market fundamentalist economic policies still prevail. Not until the global economic system is democratised will the world’s poor be given priority over the wealthy few, argues Mark Engler.

Under the Washington Consensus, deregulation, liberalisation and privatisation were imposed on poor countries with scant regard for the social consequences. The private sector must be regulated to protect the poor from the shortcomings of the pursuit of profit, says a report by Christian Aid.

Given the environmental limits of the planet, current levels of resource exploitation and waste production are unsustainable. The most pressing need is to end overconsumption in the rich world and to focus on eradicating poverty and reducing inequality, says a report by New Economics Foundation.

The idea of a Tobin tax – a global tax on financial transactions – has gained newfound popularity in the wake of the financial crisis. While the tax is not a cure-all, it would send a strong message about the social value of global finance, says Dani Rodrik.

National income statistics such as GDP and gross national product are increasingly thought of as measures of societal welfare, which they are not. Alternative indicators are needed to capture true well-being and sustainability, writes Joseph Stiglitz.

The bonuses paid to executives following the financial bailout created public outrage at a system that rewards failure and greed. But were the CEOs and top executives of the big banks and investment firms really to blame for the financial crisis? By Michael Sandel.

Of all the crises that afflict today's world, the growing democratic deficit may be the most severe. Only through dismantling the market fundamentalism that drives public decision-making can true democracy be restored, writes Noam Chomsky.