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View Diary: The Role of a National Government in a Global Economy (4 comments)

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  •  While I agree in theory, as a practical matter, (3+ / 0-)
    Recommended by:
    jlms qkw, babajimbob, NCrissieB

    none of this will happen while we have globalized product, and especially, capital markets. Globalization has totally failed to deliver the gains promised; it has wreaked havoc on the environment; corrupted governments and suborned them to corporations; induced nearly every country to severely neglect needed investments in infrastructure and basic services; given rise to a global underclass, the "Prekariat," so called due to the overwhelming precarity of their lives; placed fictional profits ahead of human welfare - the list goes on and on. And, of course, it has enabled a massive global economic implosion.

    It's time to shut down the international hot money flows; the speculation in the forex and capital market; and the ability of transnational corporations to "dine" on past public investments of a country, and then "dash" when it comes time to pay for new investments. We need to re-implement trade protections and devise a new system of fixed exchange rates. Most importantly, we need a big change in the presently corrupt thinking about economics - the thinking which says "efficiency," as measured in various contrived metrics of profitability, is more important than human welfare. We do not exist to serve the economy! The economy exists to serve us!

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