Recognizing the collapse of the Anglo-Saxon model of free-market
Capitalism, its global votaries have put their heads together to
salvage Capitalism from its ruins.
The air from London is thus thick with news of Capitalist
institutions and practices up for pragmatic "reform."
Interestingly, if "reform" since the Washington Consensus (1990) had
meant a near-total deregulation of Capital flows, Banking practices,
Market mechanisms, and a dissolution of the sovereignty of
nation-states to enable the global privatization of wealth and
profit-maximisation, "reform" at the 2009 London conclave seems to
have come to mean something rather contrary to all that. Even if only
as a change of garb.
We now hear of a global intent to reform the IMF, even as more
liquidity is infused into its coffers ($500 billion, precisely), of
regulation of banking and other investment practices, of sops to be
doled out to those most innocent of the collapse but most affected by
it, and of steering clear of "protectionism" so that the revival of
global wealth multipliers are not thwarted by debilitating autarky.
In one word, the Captains of world Capitalism seem to have come to
the view that if Capitalism is to be saved for the times to come, it
will need to be given the garb of a world-wide Social Democracy for a while.
<http://www.zmag.org/znet/viewArticle/21079>Link
--
Posted By johannes to
<http://www.monochrom.at/english/2009/04/capitalism-is-dead-long-live-capitalism.htm>monochrom
at 4/06/2009 01:10:00 PM
