The global economic crisis:

The global economic crisis: An historic opportunity for transformation
November 6th, 2008 ·


A message with the above title has been received from Ken Fernandes of stopevictions@yahoo.co.au and represents “An initial response from individuals, social movements and non-governmental organisations in support of a transitional programme for radical economic transformation Beijing, 15 October 2008”. Geoff has posted the following response:


I agree fully that this is an important opportunity to consider alternatives to the neo-liberal, market-driven basis for managing the world economy.

Whilst agreeing with the concerns of those drafting the proposals, I share the reservations of Felipe Aramburu and others regarding several specific proposals.

Essentially, it seems the group are proposing to revert to a socially based development model in which governments would effectively make key decisions on investments and the allocation of resources. In my assessment, this is not only naive but an attempt to turn the clock back to another failed arrangement.

The really exciting point about the present situation is that it is evident that the old certainties of governments knowing best and markets knowing best are dead. Even if banks want to go back to the status quo ante, the environmental constraints will sooner rather than later impose limits on unrestrained growth.

I cannot help hoping that humanity will take this opportunity to reassess the basis for a good quality of life in ways which are not dependent on growth but more on equity within a sustainable environment. There is after all, enough to go around, but its badly distributed.

Change will entail a move away from national governments deciding things and to a degree also a move from private entities controlling the economy towards one in which supra-national entities have a greater role in managing markets so they are less volatile, and more socially and environmentally responsive. This will make the World Bank and other UN agencies, plus the EU, etc, more, not less, necessary. They may be flawed but they are all we have.

I submit that what we need is more 'smart' regulation, not petty bureaucratic rules, but market guidance based on a redefinition of what constitutes the wider public interest and means of protecting and enhancing it.

In her 2008 Schumacher Lecture, Susan George provides a very comprehensive analysis and set of proposals which echo the concerns of your group and which I would recommend progressive thinkers support.

We all want the same ends; the question is one of means.

If you want to read the original message and add your name and/or organization, or leave a comment, you can check the proposals at the following website:http://casinocrash.org/?p=235