Globalization?s Surprises

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

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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