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2016: Promises and Problems

from Maria  Alejandra Madi

 

Promises are the uniquely human way of ordering the future, making it predictable and reliable to the extent that this is humanly possible. Hanna Arendt

A trend of high expansion of financial assets, while economic growth remains limited and sporadic, has given way in the new millennium to widespread unemployment, income gaps and less welfare. The same policies that have obliterated social services and kept labour cheap have favoured global enterprises and financial deepening. Besides, the onset of the new millennium represents a new age of democracy where democracy allows for election to office but not to power. These questions reflect issues of current power, politics and economics.

Indeed, the current sovereign debt challenges have left newly elected leaders at the mercy of foreign creditors and capital flows.  The introduction and the maintenance of the neo-liberal transformation of creditor nations by means of “good governance” have reflected a deep concern over getting ‘institutions’ right. Therefore, economic reforms and austerity programs means embracing an agenda that accepts that the economy must be guided by the private sector, even at the expense of the material well-being of the majority of citizens. It also involves reconfiguring politics to better facilitate these changes.   read more

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