Global Capitalism
November 3rd 2006 17:19
In his excellent book "The Crisis of Global Capitalism - Open Society Endangered", George Soros expounds on the contradictions of today's global capitalism operating in a non-global society.
Soros says that, unlike in national economies, where economic agents' behavior is regulated by a national government, international finance capital goes around the world looking for the best opportunities, being accepted readily, but not being constrained by the national agents above.
The result is crisis, like the Asian Crisis of 1997, in relation to which, incidentally, he declares innocence.
What Soros implies then is the most outrageous idea: a supranational society, with a supranational government and supranational laws. He does not declare this—just lives the door open.
Such a society would have the power to reign in international finance capital therefore ending the speculation and misuse of power now going on. Would this be the end of the world as we know it, or the beginning of a new one?
Whichever society results, and also according to Soros, it should be an open one, that is a society where tolerance and open-mindedness prevail and where pointing to and correcting mistakes is accepted, therefore allowing such society to evolve.
I must say, I feel great admiration for the European Union and I wonder if that, on a global setting, is what Soros has in mind. How amazing.
Soros says that, unlike in national economies, where economic agents' behavior is regulated by a national government, international finance capital goes around the world looking for the best opportunities, being accepted readily, but not being constrained by the national agents above.
The result is crisis, like the Asian Crisis of 1997, in relation to which, incidentally, he declares innocence.
What Soros implies then is the most outrageous idea: a supranational society, with a supranational government and supranational laws. He does not declare this—just lives the door open.
Such a society would have the power to reign in international finance capital therefore ending the speculation and misuse of power now going on. Would this be the end of the world as we know it, or the beginning of a new one?
Whichever society results, and also according to Soros, it should be an open one, that is a society where tolerance and open-mindedness prevail and where pointing to and correcting mistakes is accepted, therefore allowing such society to evolve.
I must say, I feel great admiration for the European Union and I wonder if that, on a global setting, is what Soros has in mind. How amazing.
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