The impact of the COVID-19 outbreak on the global economy is unprecedented. Whereas much of the attention is currently focused on the US, Europe and China, there are increasingly serious worries about the consequences for Latin America and Africa. The poor and vulnerable, mainly concentrated in the Global South1 and dependent on the huge informal sector, suffer the worst from crises. The Corona-crisis will not be an exception; unless swift, coordinated and unorthodox measures are taken.
Over the last 30 years, finance capital has become dominant in the leading capitalist economies, outstripping the industrial elite in power and influence. This development has led to the increasing subjection of the productive sector to the volatile dynamics of the financial sector.
During September 2011, three years after the collapse of Lehman Brothers, public anger with the Great Financial Crisis boiled over right where it all started: Wall Street. The austerity measures taken in response to the crisis and the failure to hold bankers to account led a large group of activists to ‘occupy Wall Street’.
How did the Third World countries accumulate a staggering trillion dollars' worth of debt? Who really shoulders the burden of reimbursement? How should we deal with the debt crisis? Susan George answers these questions with the solid evidence and verve familiar to readers of 'How the Other Half Dies'.
It was just a montage of words uttered over a video in the summer of 2018. Soon the words went viral. They helped unseat a Wall St-friendly Democrat – one primed to be the next Congressional leader. They were uttered by Alexandria Ocasio-Cortez.
The current economic crisis is merely triggered by COVID-19, argues Jan Douwe van der Ploeg. The real causes reside in the specificity of today’s global economic structure and especially in three key features that lie at its core. In this policy brief he discusses these key features with reference to farming and food and presents building blocks for the construction of resilient alternatives to the current crisis.
Nick Buxton interviewed the renowned sociologist Saskia Sassen towards the end of 2018. For our State of Power 2019 report, we were keen to explore two themes with her. First, how finance has changed the nature of cities today and second, how finance has fuelled new forms of expulsions and dispossession. The interview concludes with a discussion of the fractures in the power of 'high finance' and how citizens' movements might take advantage to advance democratic control.
The Bail Out Business is the most comprehensive and thorough analysis of the response to the 2008 financial crisis to understand who benefits from rescue packages in the EU. How effective were the bail out measures? What were the hidden costs to the taxpayer? and what was the role of the Big Four (audit firms) and financial consultancy firms in the business of designing and implementing bail out programs in EU Member States?
Despite causing the worst financial crisis in decades, the financial sector emerged even stronger. TNI's eighth flagship State of Power report examines through essays and infographics the varied dimensions and dynamics of financial power, and how popular movements might regain control over money and finance.
A slow-moving phenomenon is unfolding all over the world. It will have serious consequences, but very few people are consciously aware of it, perhaps because it involves something seemingly banal and benign: the spread of digital payments. This phenomenon is not only occurring in the major cities of economically advanced nations, but also in poorer countries, often promoted via the ‘financial inclusion’ programmes of international development organisations in partnership with major financial institutions.
Venezuela is passing through a period of acute political, economic and social chaos. Once one of the driving powers behind the new Latin American left, the economy has collapsed and there is a shortage of food and medicine.
What structural or historical factors have caused the current situation? Is there a peaceful and democratic way out of the crisis?
The World Economic Forum that meets in Davos annually is more than an elite talk-shop or trade show. It has also been the birthplace of many neoliberal policies and programmes including the Transatlantic Trade and Investment Partnership (TTIP). In recent years, the World Economic Forum has openly pushed to replace the multilateral form of governance with a multistakeholder approach, in which corporations play a more significant role.
This discussion paper explores the process known as “financialization”. It intends to provide a basis for people’s movements, grassroots activists and other civil society organizations (CSOs) to build or strengthen their knowledge and to develop strategies to resist, reverse and prevent financialization.
The crisis triggered by COVID-19 is challenging the very meaning of coexistence and cohabitation and redesigning the boundaries of public space in an absolutely unprecedented way, with unpredictable results.
This new handbook is an indispensable guide to climate activists and policy-makers alike towards a complete overhaul of the financial system to stop climate chaos. Central to its message is that fossil fuel lending can be redirected towards green energy and that public finance and ownership can bankroll and provide the infrastructure for delivering a Green New Deal.
The absence of over 70 percent of international delegates, denied temporary visa by the Canadian government, overshadowed the World Social Forum. Despite this saddening fact TNI's team managed to host and participate in a broad and diverse range of discussions, workshops and activities, for instance in the convergence space of “People and Planet before Profit. Moving away from Free Trade and Extractivism to Dismantle Corporate Power”.