Will Hutton of The Financial Crisis
October 11th, 2008 by SocProf and tagged Economy, Global Governance, Global Imaginary, Globalism, Globalization, Politics
Reading Will Hutton’s column, it becomes clear why the current global financial system was unsustainable and is in the process of collapsing on a global scale. Who can make sense of this (which should be read in the context of my previous post on Wallerstein basically describing how dominant actors, toward the end of the B-phase, are grasping every straw to squeeze the last remaining profits from the system):
And then, this
So what is to be done?
Somehow, this does not seem enough. One would think that the call for global regulation and governance would be stronger. Heck, even a liberal (in the European sense) like Sarkozy is calling for a new Bretton Woods. But maybe, that is the problem of having weak or discredited leadership in core countries.
Don’t be so sure. The snake oil salesmen are just busy finding scapegoats and replenishing the system with taxpayers’ money. And if AIG is illustrative of anything, it’s that greed survives bankruptcy.
But as mentioned by Hutton, the problem is now global and the solutions (if there are any) will have to be as well. This is where the alternative globalization movements should direct their energy at this point. Offer their own proposals for the reconstruction of the system and not wait for the corporate globalists to just come up with more of the same.
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