Globalization will return, I argue in Globaloney 2.0, but in what form? Although the economic crisis will be shorter if the economy and financial systems simply “bounce back” in more or less the same form as before the crisis, this would be a mistake. Repeating the mistakes of the past is not a receipe for feasible, sustainable globalization. The old system of boom and bust, crash and burn needs to change.
An article “Financial Overhaul Falters as ’08 Shock Fades” in this morning’s Wall Street Journal provides unwelcome news. It suggests that the momentum for financial reform is fadding as early signs of financial and economic recovery emerge. Banking (and other financial instututions) are pretty much the same, the authors note, there are just fewer of them.
A good article — click on the link to read it all.