"Consider the big picture: an east Asia of toppling currencies and bank
insolvency: rising unemployment in Latin America’s largest economy
(Brazil) and falling real wages throughout the region: stagnation and
unemployment in Europe: a rapidly approaching limit to the capacity of
US consumers to take on more...
FINANCE MINISTERS from the seven largest economies in the world met
recently to debate how to revive the sick world economy. However, there
was little agreement on how to revive the patient.
THE US, the most powerful economy in the world, responsible for a third
of world output, is reeling with shock. This time there are no foreign
terrorists who can be held responsible for disaster striking. It is
capitalism itself that is responsible.
THE BOOMS of the 1980s and 1990s were both driven by frenzied
international financial speculation. They have left deep problems for
capitalism, and now form a massive barrier to a new, sustained economic
upswing in the world economy.
