[Pen-l] fear of global depression versus fear of global terrorism

[Gernot Koehler <gko15@xxxxxxxxxxx>]

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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