The Global Crisis Makers: An End to Progress and Liberty?
Graeme Donald Snooks | 2000-06-08 00:00:00 | Palgrave Macmillan | 200 | Economics
The Global Crisis Makers is a highly original and provocative study that will be of vital interest to readers world-wide who are concerned about the future of Western civilization. Graeme Snooks argues that we should not be diverted by the so-called East Asian 'meltdown', which is a predictable outcome of global dynamics. Of real concern, however, is that 'hidden crisis' which has been inadvertently engineered by neoliberal economists who dominate the world's financial institutions. They are the global crisis makers, who have convinced governments to abandon strategic leadership and to impose crippling deflationary policies. This endangers the progress of the Western world, by causing a slowdown in economic growth and employment; and its liberty, by causing the frustrated strategists to turn increasingly to the radical right. By again employing the innovative theoretical and empirical work used in his recent books, Professor Snooks shows how the threat to progress and liberty can be overcome.
Reviews
Over the last decade Graeme Snooks has
written an impressive number of books which renewed the
field of comparative analysis.
"The Global Crisis Makers" provides a very readable
synthesis of his former work and applies it to the
issues that mankind is facing at the beginning of the
21th century.
There is an insightful view on almost every page of this book, ranging from world strategy to a lucid assessment of
political develpments in Australia.
An incredibly candid and insightful read.
Highly recommended.
Reviews
This book comes to sensible conclusions by an unusual, though fascinating, route. Professor Snook's theme is that neoliberal economics, with its routine prescription of zero inflation, privatisation, free trade, flexible labour markets, and reduced wages, is bad for us. This capitalist monetarism dominates the international institutions, the World Bank, the IMF, the OECD and the EU, and also almost all current national governments: in effect, the monetarists impose the notorious Structural Adjustment Programs on all economies. Snooks observes that national governments have generally abandoned strategic leadership of their national societies and economies, and that this threatens both economic growth and political freedom. He notes that neoliberals "insist that central banks controlled by their fellow neoliberals be totally independent of political - that is, democratic - control." He warns us, "to grant central banks - organizations not responsible to society's strategists - the independence to suppress inflation at any cost is an invitation to disrupt the dynamic process." He points out that neoliberals constantly warn us about future economic crises if we do not obey their dictates, but their proposed cure actually produces these crises. Neoliberalism destroys wealth, by destroying the necessary conditions of economic growth. He warns that neo-liberalism's failures will lead to economic collapse, the destruction of democracy, and wars of conquest. He maintains that there is no Third Way; there is only the neoliberal way and the strategic way, the wrong way and the right way. So what is this strategic way? "Strategic leadership ... involves investing in strategic infrastructure (including science, research, education, transport and communication facilities) where the social return is expected to exceed the private return; encouraging domestic innovations and their marketing; promoting strategic ideas; spearheading the penetration of new markets by negotiating external trade and technology deals." Countries need "a protectionist strategy aimed at developing an innovative industrial base." We all need to focus on strategic ideas, without neglecting technological ideas. In sum, each country needs a government which actually governs, that works to rebuilding the national economy.
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