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.
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.
The government isn't prepared to face the contradictions of a policy that takes over and nationalises enterprises from inefficient and corrupt owners at taxpayers' expense, yet then seeks to restore the same companies to the same corrupt private hands.
The more the authorities refuse to change the system, preferring stop-gap measures, the more they will be caught in a downward spiral and the more they will lose control of their policies — and the economy as well.
In 2006–08, food shortages became a global reality, with the prices of commodities spiraling beyond the reach of vast numbers of people. International agencies were caught flatfooted, with the World Food Program warning that its rapidly diminishing food stocks might not be able to deal with the emergency.
It’s hard to imagine that the political establishment in Russia believe themselves in magic and fairytale decisions made to meet the crisis, but they can’t abandon their ideology, without affecting their authority.
UN conference was convened to find new ways of dealing with the global financial and economic crises and give voice to those most affected by them. But the rich countries have opposed any real change, and the result is an anemic UN document.