The Great Recession: Five Years On

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THIRD WORLD RESURGENCE
Issue No. 276/277 (Aug/Sept 2013) Click on cover to download the magazine (PDF) COVER: The Great Recession: Five Years On* No respite, five years after Lehman Five years after the Lehman Brothers collapse triggered the global financial crisis and recession, there are still no effective financial regulations. By Martin Khor The need for global financial reform - a Chinese view There is a need for a systemic approach to deal with systemic financial risks and system failures. By Liu Mingkang 'Lessons' from the 2008 crisis or self-serving falsehoods? Some of the myths about the 2008 crisis perpetuated by Wall Street, the US Treasury and the White House are refuted. By Robert E Prasch The EU's failure to effect real reforms Although the 2008 financial crisis prompted the euro crisis, the European Union has failed to carry out the necessary financial reforms to avert another crisis. By Kenneth Haar and Anne van Schaik Why the US and Europe have not managed their economic crises properly Western policy makers rely excessively on monetary policy rather than macroeconomic policy measures in support of aggregate demand, growth and employment. By Yilmaz Akyuz Quantitative easing: Impact on emerging and developing economies The financial policy of 'quantitative easing' (QE) adopted by the world's most powerful economies is having adverse effects in the developing world due to resulting expansionary and distortionary capital outflows. By Shyam Saran Financial debacles in emerging markets: Why the surprise? Emerging economies have experienced the destabilising effects of the US policy of quantitative easing because of their flawed approach to economic strategy. By Jayati Ghosh Why is the Indian rupee depreciating? The following analysis highlights the role of the non-delivery forward (NDF) market, one of the offshore markets which have emerged in a liberalised global financial order. By Kavaljit Singh Credit rating reform overlooks developing world Concerns are rising that in any reforms on the role of the credit rating agencies the specific concerns of the developing countries will be ignored. By Samuel Oakford 'Irrational exuberance' has reached new heights, warns BIS BIS has sounded a red alert over the 'exuberance' of investors for riskier assets and loans. By T Rajamoorthy Sustained global economic recovery still elusive – UNCTAD A report by the UN Conference on Trade and Development confirms that the global economy has still not returned to the growth rates it enjoyed before the onset of the 2008 financial crisis. By Kanaga Raja ECOLOGY Fukushima, fuel rods, and the crisis of divided and distracted governance The authorities in Japan are not displaying a real sense of responsibility in handling the worsening nuclear crisis. By Andrew DeWit Get the frack out! In the debate over fracking, there are bigger questions to be asked and answered than the impact of this process on the environment. By Almudena Serpis	ECONOMICS Colombian protests show cracks in disastrous economic model It is Colombia's free trade agreements with the US and Europe which have sparked off the recent upheavals. By Patrick Kane Less hunger, but not good enough Despite overall progress made in hunger reduction, marked differences persist across regions, with many countries left far behind. By Jose Graziano da Silva, Kanayo Nwanze and Ertharin Cousin Short-term fixes - the bane of West African agriculture Governments in the Sahel region still underfund the agricultural sector, as do international donors who favour short-term fixes. A corporate coup of a different order Although it is the US which is spearheading the Trans-Pacific Partnership agreement, there is growing resistance in the country to this free trade pact. By Arthur Phillips HEALTH & SAFETY The TPP talks and tobacco: Obligations vs rights? The latest round of Trans-Pacific Partnership negotiations in Brunei provided a dramatic reminder of how free trade agreements can ride roughshod over human rights. By Shila Kaur WORLD AFFAIRS The US has no credibility dealing with chemical weapons US policy regarding chemical weapons has been so inconsistent and politicised that the country is in no position to lead the movement to eliminate such weapons. By Stephen Zunes The Israel lobby sets out to defeat Obama on Iran Moves by the US towards a detente with Iran are bound to fail because of the power and influence of the Israel lobby. By MJ Rosenberg Kissinger and Chile: The declassified record September marked the 40th anniversary of the overthrow of the democratically elected President of Chile, Salvador Allende, by a US-backed coup. This is an article on the US role. Still worrying about the bomb The continuing crisis in the Korean peninsula underscores the need for a nuclear glasnost. By Gar Smith HUMAN RIGHTS No accident: Why have 19,142 died at Europe's frontiers? European Union border and immigration control policies follow the logic of security and restrictionism over human rights and international maritime law. By Nina Perkowski Guatemala's indigenous communities fight for access to the airwaves Guatemala's indigenous peoples have been waging a struggle for the right to operate their own community radio stations. By Jessie Cherofsky WOMEN Despite progress, Laotian women labour under grave inadequacies Despite doubling its health expenditure, Laos still faces unacceptably high maternal and child mortality rates. VIEWPOINT A vacancy has occurred With the vacancy created by the political demise of the working class, the role assigned to them as the liberators of humankind has now been taken over by the rich. By Jeremy Seabrook TRIBUTE Giap: The general who defeated the US in Vietnam A look back at the life and achievements of Vo Nguyen Giap, the legendary Vietnamese general. By Chris Ray For subscription and enquiries: THIRD WORLD NETWORK 131 Jalan Macalister, 10400 Penang, Malaysia. Tel: 60-4-2266728/2266159; Fax: 60-4-2264505; Email: twnet@po.jaring.my Third World Resurgence Page Third World Resurgence Page
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