[PEN-L:1508] Re: free-market ideology

[Bill Rosenberg <w.rosenberg@xxxxxxxxxxxxxxxxxxxxxxx>]

I am interested in the answers to these questions too.

I've come across a number of speeches made in the last few
months by Rubens Ricupero, Secretary-General of UNCTAD, also
advocating capital controls. I can post one if people are interested.

Bill

>
> I may be trying to create a problem where none exists, but I worry
> about how we understand and respond to recent cracks in the
> mainstream free-market consensus.  It is of course very satisfying
> to see criticisms of the IMF/WB or free market policies from
> unexpected sources.  And groups like the Heritage foundation (and
> Republican party) get a lot more attention when they attack the IMF
> then when we do.  Similarly a statement by Krugman calling for
> exchange controls puts the issue to the top of the global political
> agenda, while left calls for regulation of capital flows were rarely
> even given a mention at the end of an article.  So, not only is it
> satisfying, these criticisms help to raise the visibility of
> alternative policies (although not always of our arguments).
>
> But, what now.  We all know that the Heritage Foundation dislikes
> the IMF for reasons different than we do.  For example, it just
> wants the free market to work better.  And Krugman's criticism of
> unregulated currency movements is not tied to a vision of social
> transformation.  Even the announcement by Malaysia that it will
> introduce controls, while welcome and wise, does not represent a
> fundamental shift in political vision or economic strategy.
>
> So, in short, what can/should we do to try and build on these
> developments, to take advantage of these recognitions of market
> failure so as to widen the debate to include a critique of
> capitalism itself.  I fear that we might end up just quoting from
> the Krugman's and Stiglitz's, giving them added credibility, only to
> find ourselves at a dead end (with no added public credibility or
> voice) when they shift gears (as they will) in response to class
> forces and dynamics reflecting their own institutional positions.
>
> So my question: in what ways, if any, should this current
> trend/development influence our own political efforts in this
> period. Should we just ignore it, promote it, take aim at it for its
> limited understanding?  Comments or reactions appreciated.
>
> Marty Hart-Landsberg
>