A new world order? Really? That hope still hangs in the balance, on a knife edge, by the skin of its teeth. The world has turned upside down in Obama year: the G20 seemed to thunder out the death knell of the Reagan-Thatcher neoliberal experiment. A year ago who would have dared predict a G20 finding a trillion dollars to save weak countries, or hedge funds and banks globally regulated with bonuses restrained, and an end in sight to tax havens? Change is in the air. Social democratic solutions are proving the best economic as well as social answers. But it’s no done deal. “Capitalism with a conscience” promised on the sick bed may be quickly forgotten in recovery. Don’t imagine the stake is through the neoliberal heart yet. Defiant young bankers waving £10 notes out of office windows at the protesters below don’t think it’s all over. Nor do their bosses in the City and Wall Street, hastening to summon KPMG and PricewaterhouseCoopers to devise escapes from new regulation. In the Senate, while Obama was shaping the new world order, Republicans wrecked his budget plans for a cap-and-trade carbon emissions scheme that would have raised energy prices so the… Read full this story
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