That’s right, not Islamic or Christian fundamentalism but Market fundamentalism. Nobel Prize winner Joseph Stiglitz has a lot to say about market extremists. As you may know, he predicted the 2008 economic crisis but nobody listened until it was too late. Decided to post a video with him because I read his book “Free Fall: America, Free Markets and the Sinking of the World Economy”. Columbia University Professor Stiglitz knows what he is talking about so devote 4 minutes to watching this video :
It’s interesting to note that even Alan Greenspan, former chairman of The Federal Reserve concedes he put too much faith in the self-correcting power of free markets and failed to anticipate the self-destructive power of wanton mortgage lending. And to make matters worse American style deregulation was forced upon a multitude of countries world-wide by the IMF. No wonder the domino effect was so swift when Lehman Brothers collapsed. India,for instance, didn’t deregulate and hence weathered the storm.
Do you agree with Joseph Stiglitz that Market fundamentalism is flawed? In retrospect do you believe deregulating the financial markets was such a good idea? Would the world be a better place today if the markets hadn’t been deregulated? Do you believe the financial markets should be regulated again? Should the Glass Seagall Act become law again to prevent another meltdown? In short, is it time for the world to stop implementing neo liberal economic policies that don’t work? If not, will poverty keep on increasing on a global scale? Or maybe you think neo liberalism is the way forward?
Video: gmshadowtraders) Picture: Abhisit Vejjajiva