The hegemony of finance capital that underlay neoliberalism is unlikely to persist in the old form. Eminent Economist Prabhat Patnaik writes in Frontline.
''From Euro-Land came another suggestion, that the powers convene a New Bretton Woods. A spat broke out between Paris and London, as Sarkozy and Brown debated who had first called for such a conference.''
Vijay Prashad writes in Counterpunch on the call by apostles of wealth today for a New Bretton-Woods Conference.
Focus on individuals and not institutions, says ILO
Stiglitz to lead panel on financial reform
Call for coordinated global efforts
Courtesy: The Hindu
Is the intellectual opinion of capitalism changing? Eric Hobsbawm on the financial crisis.
Courtesy:BBC Radio 4 Today
While India is not likely to face a financial meltdown of the kind that was nearly experienced in the US, the global financial crisis will certainly have an impact. In this edition of Macroscan, C. P. Chandrasekhar and Jayati Ghosh consider the possible negative effects of the crisis on India and whether the Government’s response so far has been appropriate. Courtesy: Business Line.
While the threat of recession has forced governments to drop their neo-conservative bias against State ownership and markets that hollered at government intervention in the past have now applauded such action, the threat of recession has not receded.
C.P Chandrasekhar notes in People's Democracy.
The developed capitalist system, epitomized by the country privileged by nature to which European whites brought their ideas, dreams and ambitions, is today in crisis. But, it is not the usual crisis that happens once every certain number of years, or even the traumatic crisis of the 1930s; rather, the worst of all since the world started to pursue this model of growth and development.
With the global economy in tatters, the U.S. president, who was placed in that office in such an irregular and irresponsible way, has created a real predicament for all of the NATO allies and Japan, the most developed and wealthiest military, economic and technological partner of the United States in the Pacific.
The candidates of the two main parties who will decide these elections are trying to persuade the bewildered voters — many of whom have never bothered to cast a vote — that as presidential candidates, they can guarantee the well-being and consumerism of what they describe as a middle-class people, without the least intention of making real changes to what they consider to be the most perfect economic system that the world has ever known. It is the same world, of course, in the minds of each and every one of them, which is less important than the happiness of some 300 million people who account for less than five percent of the world population. The fate of the remaining 95% of humanity, war and peace, air that may be the fit to breathe or not, will depend to a great extent on the decisions of the empire’s institutional leader, whether or not that constitutional office has any real power in a period of nuclear weapons and computer-controlled space shields, in circumstances where every second counts and ethical principles are increasingly less important. Still, the more or less disastrous role played by presidents of that country cannot be overlooked.
Two reflections by Fidel Castro on the US elections and the G-7 finance ministers' meeting amidst crisis of the capitalist system and the developments around it.
Karl Marx is back. That, at least, is the verdict of publishers and bookshops in Germany who say that his works are flying off the shelves.
Kate Connolly writes in the Guardian.
Bailing out banks seems unprecedented, but the US government's form in subsidising big business is well established.
A commentary by George Monbiot (Courtesy: The Guardian)
For most Indians who, since 1991, got used to a steady barrage of opinion, expert economic advice and political re-education on the scourge of the public sector, the minor corruption, inefficiency and incompetence of sarkari babus in state-run enterprises ought to pale into insignificance in the face of everyday stories from the US of what the private sector and free enterprise can do even when the going is not just bad, but critical.
K P Nayar writes in The Telegraph.