We use cookies for site personalization and analytics. You can opt out of third party cookies. More info in our privacy policy.   Got it

More on the meltdown

walden bello

We're all struggling day by day to make sense of the mayhem in the markets - neoconservative governments discovering the virtues of nationalization, speculators' bubbles finally bursting, doom-mongers who have been predicting the collapse of capitalism for decades suddenly worrying about their own pensions and mortgages when it arrives…

As I said last week, when a crash like this happens, it's worth listening first not to the people who have presided over and profited from the speculative boom but to those who have long been pointing to the cracks in the edifice.

Walden Bello has for more than a decade been one of the most reliable commentators on and campaigners against the uncontrolled forces of globalized free trade. You can reach his 'Wall Street Meltdown Primer' here. And for Walden's most recent contribution to the NI, go to 'Sand in the Wheels'.

Another increasingly outspoken critic of free-market fundamentalism - despite (or probably because of) his former role as Chief Economist at the World Bank - is Joseph Stiglitz. In Britain's Guardian newspaper he welcomes the US Congress's rejection of the $700-billion bail-out plan, saying it is 'A sad day for Wall Street, but it may be a glorious day for democracy.' He calls for a new plan 'that assures US taxpayers the costs will be borne by those who created the problem' (click here for the full article). I interviewed Stiglitz for the NI in 2004, when he was equally trenchant about the blinkered ideologues in charge at the IMF - The hospital that makes you sicker.

Help us produce more like this

Editor Portrait Patreon is a platform that enables us to offer more to our readership. With a new podcast, eBooks, tote bags and magazine subscriptions on offer, as well as early access to video and articles, we’re very excited about our Patreon! If you’re not on board yet then check it out here.

Support us »

Subscribe   Ethical Shop