Dark Victory reveals the roots of rising poverty and inequality in the South in a sweeping strategy of global economic rollback unleashed by the US to shore up the North's domination of the international economy and reassert corporate control.
South Africa is playing a significant role in supporting and extending the power of the World Trade Organisation, a new system of global government. This not only entails South Africa surrendering its own policy-making rights and space, but also means bargaining away the South African peoples’ democratic rights to determine their country’s internal economic, environmental, social and cultural policies.
"The banks are ours!" Public money was used to bail out the banks, and now they are lending back to the public at interest, while governments ignore the social and environmental crises that confront society. It is time to demand real solutions that will work not only for the sake of the economy but for the lives and conditions of people on whom it depends.
In a recent editorial comment, The Economist issued a solemn call to all believers in global capitalism not to despair, not to panick, and to do nothing that could endanger the capitalist system (October 18-24, 2008). The magazine invoked the words and spirit of its founder, the Scottish businessman, James Wilson, who, about 165 years ago, gave the paper the philosophy of "economic liberty".
Recently invited to an interview at the World Economic Forum in Davos, Boris Kagarlitsky laments the disillusionment of Russian liberals, who think “real capitalism” doesn’t produce crises, while as the crisis deepens, critical voices draw increasing attention among audiences in the West.
Today, just as faith in deregulated markets has evaporated in the nightmare on Wall Street, so too is the long reign of market fundamentalism (or neoliberalism) ending in the development arena. And, a debate over the best route to development has returned.
The challenges facing policy makers, analysts and activists dedicated to formulating environmentally sound, social and economically sound trade policies demand that we redefine the role and purpose of trade altogether.
The U.S. and India should not sign a treaty that will only serve the short-term interests of large corporations, and undermine the authority of governments to protect their people from financial crisis.
The language contained in agreements being negotiated by the EU through the WTO with their southern counterparts often deliberately diguises real political goals, obscuring the negative economic implications for those countries of the neoliberal agenda.