After a brief period of destabilisation, self-justification and the occasional mea culpa, the very people and institutions that plunged the world into crisis have re-emerged unscathed, as the fount of truth and all reasonable policy.
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".
Free trade or slave trade? How the EU's free trade agreements in Colombia and Peru reward human rights abuses, destroy livelihoods, promote land grabbing and strip governments of their sovereignty to regulate capital flows.
The controversial General Agreement on Trade in Services (GATS) of the World Trade Organisation has generated major social concern about the implications for the equitable provision of basic public services.
"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.
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.