Not only do small minorities have no share in
the benefits of globalisation – the vast majority of people misses out.
No serious observer will claim that globalisation, trade and
international investment are not good for national economies in
themselves.
There is much lamenting over the powerlessness of national governments.
Yet these very governments are contributing fully to the elaboration
and implementation of the new hegemonic political economy."
The rules of the game have now changed - our global financial system
has become so complex and opaque that we've moved from a world of risk
to a world of uncertainty.
Inequality may seem to be diminishing, but governments realise that support for globalisation will wane if the opportunities it offers are not shared in a more equitable way.
The European Union will declare war today on Liechtenstein, Monaco, Andorra and Switzerland. Weary of losing billions of tax euros, the EU's 27-strong high command of economics and finance ministers, Ecofin, is meeting in Brussels to agree a strategy aimed at bringing the continent's tax havens under control.