I find it significant that the CIA has recently observed that global depression
is a greater threat to U.S. well-being than global terrorism. That observation
de-legitimizes the policies of the Bush era and provides legitimacy for a
perestroika of the world economic system. One element of such a perestroika
would have to be more power sharing in international economic and financial
institutions, in the sense of, Samir Amin's concept of global polycentrism or
concepts of global democracy, including economic democracy, as can be found in
the world systems literature (e.g., Chase Dunn) or ideas about global public
goods as found in discussions in the UN system (e.g., Kaul). In terms of
debates among economists, why not dusting off ideas of the lively WTO-and-IFI
debates of a decade ago (before the Bush regime) and taking another look at
those ideas of Keynes's that lost out at the time of Bretton Woods. If the rest
of the world (ROW) had any guts, they would empower themselves and tell the
ailing hegemon which way is forward.
GK
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