The United Kingdom is home to a particularly influential services industry lobby, which operates through an organisation called International Financial Services, London (IFSL). Two IFSL working groups, the Liberalisation of Trade in Services (LOTIS) Committee and the High-Level LOTIS Group, constitute a veritable corporate-state alliance.
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.
Until the European Commission shows it has learnt the lessons of the 2008 financial crisis and demonstrates the political will to re-regulate the financial sector, it will be unable to resolve the crises in Greece, Ireland and Portugal
The Irish government announcement of a €34 billion Euro bailout, two years after the financial crisis first broke, is a reminder that little has been done to prevent it happening again just as the social costs are becoming ever more evident.
The derailment of progressive Keynesianism by Obama’s conservative, technocratic Keynesianism resulted in a protracted recovery, continuing high unemployment, millions of foreclosed or bankrupt households fending for themselves, and more scandals in a Wall Street where nothing had changed. Obama did not pay for this tragic outcome in 2012, but Hillary Clinton did in 2016.
Keynesianism offered important tools for overcoming the economic crisis, but its application by Obama's government was too half-hearted and misdirected (going to banks rather than households) to effectively reduce the recession. Clinton paid the price.
As the world is still assessing one of the most violent shocks in international financial markets ever, and measures to avoid future financial crises are still not in place, developing countries should be cautious of dangers associated with further liberalisation of their financial sectors.
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.
This is the story of America's most famous street, Wall Street. Exploring its development through the eighteenth and nineteenth centuries, Wachtel charts its dramatic transformation, offering a window on the past that helps us understand how it became the center of world finance that we see today.
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.