Heading Towards the End of Globalisation?

[marmar]

from IPS News Service:



Heading Towards the End of Globalisation?
By Mario Osava


RIO DE JANEIRO, Nov 9, 2010 (IPS) - A "grave recession" in the world economy may lie ahead, with a profusion of new barriers to trade and capital flows, if the Group of 20 major economies (G20) fail to come up with solutions to the present crisis.

The G20 will probably begin to suffer "progressive fragmentation" at its Nov. 11-12 summit in Seoul, because it is based on "unsustainable coalitions" and there are insurmountable conflicts between members, according to Fernando Cardim, a professor at the Federal University of Rio de Janeiro.

Only "a remarkable diplomatic initiative" at this point could bring about the common understanding needed for "a collective solution," which would be the only way out of the global economic crisis, he said. "Perhaps the vision of the abyss" will stimulate a spirit of cooperation among government leaders, the Brazilian professor added.

The G20 is made up of the main industrial powers and emerging economies, spanning wide differences: Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, the United Kingdom, the United States and Turkey, as well as the European Union.

Carlos Tadheu de Freitas, chief economist for the National Trade Federation and former head of Brazil's Central Bank, said nothing but "hot air" would come out of the Seoul summit. He forecast a period of global "stagflation", with stagnation or deceleration of economic activity in emerging countries that had previously been growing, aggravated by inflation. ........(more)

The complete piece is at: http://www.ipsnews.net/news.asp?idnews=53507

[nadinbrzezinski]

1. A less obvious title

the end of the American Empire

We have been the hand forcing this since oh Reagan...

:-)

More markers emerging.

[RKP5637]

2. The end of the American Empire pushing itself on other countries would

be a relief.

[PATRICK]

3. Globalization and global meltdown

The idea of any kind of unity in a global climate crisis is a joke when globalization has done more to bring it on and worsen its consequences, hobbling nations in the process while the nuclear arms races heads toward troubled rivals. It only looks like the same old positioning, false alliances and backstabbing that preceded the major fireworks of the twentieth century. Nothing about the current form of globalization, not even totalitarian revivals, seems sustainable, realistic or successful for any except those striving to come out on top- again.

[mdmc]

4. well said

[marmar]

5. Excellent.

nt