Global Economic Volatility and Socio-Political Reactions
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- Published on Tuesday, 29 October 2019 23:30
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A Socialist Project e-bulletin ... No. 1921 ... October 30, 2019
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Global Economic Volatility and Socio-Political Reactions
Éric Toussaint, Patrick Bond, Ishmael Lesufi and Lisa Thompson
Trade and currency wars, financial volatility and economic turbulence are now the most important features of the world economy. The elements of a new international financial crisis are in place. Although we do not know when it will break out, it is unavoidable, and its impact on world economy will be as significant as the 1880s-90s, 1930s-40s and more recent 2008-09 meltdowns.
Worse, far fewer of the global capacities of the latter period – rapid lowering of interest rates, printing of money to buy up state debt (‘Quantitative Easing’), and sufficient fiscal space for bailouts – are available to global crisis managers. And most troubling, many more of the proto-fascistic political characteristics reminiscent of the 1930s are looming, especially in the new contextualizations of the Global South.
