Canadians debate capitalist crisis See video.
The current credit crisis rocking Wall Street may well be the largest market failure within the history of capitalism. The crisis is destabilizing the American economy, and also causing financial crises across the capitalist world. It is now dragging the Canadian economy into recession.
The immediate trigger of the instability was problems in housing markets. It spread from there into the massive speculative derivative markets, and finally into a series of bankruptcies of leading financial institutions. Financialization and the power of Wall Street have been two of the hallmarks of neoliberal globalization. This crisis of neoliberalism raises pressing political issues for the Left.
Canadians debate capitalist crisis
Speakers:
• Greg Albo, Professor of Political Economy, York University.
• Jim Stanford, Economist, Canadian Auto Workers.
• David McNally, Professor of Political Science, York University
Financial crisis and democratic public finance
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