Globalization?s Surprises

| January 20, 2003

Despite mounting evidence of the failure of laissezfaire globalization, the ideologues of the ?WashingtonConsensus? still cry ?TINA? (There Is NoAlternative). In a recent column, economist Hazel Hendersonpoints out a litany of globalization?s surprising karmiceffects.

?The global economy was always a power game,? shewrites, ?and currencies are becoming the weapons ofchoice.? With the dollar overvalued by 15-25 percent (andgetting weaker by the day) and the United States running upincreasingly large trade deficits, more and more foreigncountries and investors are turning to the euro and the SwissFranc. And China, poised to become the next global superpower, isscheduled to make its yuan convertible later this year,which will likely weaken the dollar?s position evenfurther.

But it?s the United State?s continued insistenceon playing Globo-Cop that is hurting us the most, says Henderson:?Revulsion against all weapons of mass destruction, as wellas land mines and small arms are producing a global backlash. . .. Even pro-business advocate Jeffrey Garten, Dean of YaleUniversity business school, in The Politics of Fortune urges U.S.CEOs to criticize Bush?s unilateralist policies forimperiling global stability.

?9/11,? she continues, ?showed that the 21stcentury is the age of ?asymmetric? weapons ?where computer hackers, money-launderers, assorted terroristsgangs, and even currency traders and OPEC now hold a new balanceof power.?

-Leif Utne

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