The Economist has attributed the term "deglobalisation" to Walden Bello. Whilst the magazine considers the term a negative one, Bello argues that it is fast becoming a reality and offers a paradigm for escaping the neoliberal straitjacket.
Since the current financial crisis started, none of the governments, experts or media who have called for new regulations for the financial industry have taken into account rules of the World Trade Organisation (WTO) which actually impose extreme financial service deregulation on many WTO member countries.
The triumph of liberal ideas turned Eastern Europe into an intellectual desert where only ethnic nationalism weeds sometimes flourished. The positive influence of the economic crisis upon the society is that the crisis makes people think and be open to other ideas.
"All for ourselves and nothing for other people seems in every age of the world to have been the vile maxim of the masters of mankind," said Adam Smith in The Wealth of Nations. Either we learn to keep the market but eliminate the rapacity and environmental destructiveness of globalised capitalism or it will destroy us.
There has been a long, silent monetary coup d’état that has transferred value away from labour into the hands of capital, but the current crisis offers a window of opportunity for transforming the economy.
Talk of the dangers of trade protectionism is used by European politicians to obscure the need for protection from transnational corporations whose control of European trade policy continues to cause negative social and environment impacts. Susan George and Myriam Vander Stichele debate MEP Ignasi Guardans and Chief Economist DG Trade, Gaspar Frontini, in TNI's Debating Europe series.