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What's Behind The Global Finance Crisis?

international / anti-capitalism Tuesday September 30, 2008 20:54 by original by Kieran Allen

War of Wealth (CC image from Flickr)

Kieran Allen has just written an extensive article on the current global financial crisis. Here is his opening sentences on it.

Most people are amazed to witness a new Wall St crash, when the spectacle of the 1929 crash was supposed to have vanished forever.

For the past thirty years mainstream economists claimed that the market worked perfectly provided there was no state interference or strong trade unions. ‘You cannot buck the market’ was repeated like a mantra against anyone who dared to ask for higher wages, better environmental controls or a more developed welfare state. ‘Market forces’ were seen as wise spirits who knew best about how to run an economy. No one knew who or what they were but they appeared to work anonymously behind the scenes to make everything right. In almost every country, people were told to leave matters to these ‘market forces’ and not to seek too much regulation. In reality, these ‘market forces’ were gigantic financial houses which could move money around the globe at will.

Today this mythology has been shattered.

External Link:: http://www.swp.ie/news/latest/financialmeltdownwhycapitalismisinamess.html

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