ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846

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The Economic Crisis and Contemporary Capitalism

A democratic agenda for coming out of the recession must have at least five elements: first, the nationalisation of financial institutions in the leading capitalist countries where they have basically become insolvent; second, controls on cross border financial flows; third, protection introduced to defend peasants and other petty producers of primary commodities (ideally through agreements among producing countries) in the case of all commodities whose world prices are "demand-determined" (as opposed to "cost-determined"); fourth, a coordinated fiscal stimulus to the world economy provided by a group of leading countries; and fifth, a system of grants whereby the increased surpluses generated by such a stimulus are given as grants to the less (or least) developed countries on the condition that they do not merely add these to their reserves.

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