Thursday, August 11, 2011

Missing a Teachable Moment Have Consequences

One would hope that a crisis would be a teachable moment, but too often in history, it is just a moment. The Great Depression gave us fascism, intensified terror in Stalin's Soviet, Japan's invasion of China, a bloody civil war in Spain, the rise of Hitler and World War II. So much for teachable moments....

The currents crisis is a crisis for globalization due to unregulated markets, political corruption and extreme inequalities. It is also a crisis for the idea of democracy, democratic capitalism and world economic and political cooperation. If we leave it to Wall Street to defend capitalism, it is doomed.

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