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.
The latest World Bank report on Growth and Development has again questioned the orthodox set of stabilisation
and liberalisation policies to which we were told “there is no
alternative” - and is an indication of how much the
economics mainstream itself is shifting, writes Jayati Ghosh.
The consequences flowing from
Washington Consensus-inspired reforms have worried US policymakers for some time - leading to a renewed questioning of the role of markets and the state, writes Girish Mishra.
The shift from consumptive, life-threatening growth to improved wellbeing and real
quality of life is the key to an environmentally and
socially sustainable future - and one which politicians must acknowledge, writes Jonathon Porritt.
The lesson from the food and financial crises is clear - that neo-liberal market fundamentalism was always a political doctrine
serving certain interests, never supported by economic theory, writes Joseph Stiglitz.