By Yash Tandon, Benjamin W Mkapa
Hard the misdirected guidelines of the final 30 years in regards to the South's accountability to increase itself instead of count on the North to hold the weight, this book offers substitute ideas and paradigms of improvement for coverage makers and peoples' events on a large range of issues. It invitations readers to "dare to imagine another way" and concentrate on what globalization has became lately.
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Additional resources for Development and Globalisation: Daring to Think Differently
What we are witnessing is the meltdown of the capitalist and ecological sys‑ tems. So the final lesson to learn from the present conjunctural crisis of the financial system is that the leaders of the South must now take the lead, in discussion with their peoples, to try and build a different world based on a different paradigm in contrast to the 400-year-old capitalist paradigm that is now meeting its denouement in the North. 16 1 Rethinking the development paradigm Time for a new Bretton Woods conference 16 October 2008 The long drawn out process leading to the Financing for Development (FfD) review conference to be held in Doha at the end of November is reaching its final stage.
This is even more critical in the present conjuncture when its second pillar – the ideological pillar – is now fully discredited. The vacuous basis of its underlying premises has been amply exposed in the finan‑ cial meltdown of the casino economy as well as by the historical experiences of the South itself. Finally, to come to the last editorial in this chapter, the South recognises the role that the United States can play in the global arena. In ‘A perspective on the American presidential elections’, written while Obama and Clinton were still campaigning for the Democratic nomination, we argue that given that the US has such a powerful influence in world affairs, which affects the lives of ordinary people everywhere, it is permissible to express an opinion on what kind of US leader is right from a global perspec‑ tive.
This opened up a bonanza for US banks. They started snatching all kinds of assets from insurance 25 DEVELOPMENT AND GLOBALISATION companies, pension funds, finance houses, mortgage compa‑ nies, etc. They also created ‘innovative’ financing instruments including collateral debt obligations (CDOs) and special purpose vehicles (SPVs) (see ‘The global financial meltdown and lessons for the South’ in this volume). What we are witnessing today is no ordinary ‘cyclical crisis’. It is a deep-seated systemic crisis that cannot be resolved by a little patch-up work, fiscal injection and counter-cyclical measures suggested by the G20 declaration, which is inspired by President Bush’s last minute effort to save ‘free market’ capitalism.