Abstract

Time to Rein in Global Finance
Greider, William | April 24, 2000 issue

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The financial crisis that collapsed Asian economies in mid-1997 and then bounced around the world was a distant sideshow to most Americans until it reached Wall Street. One year later, when Russia defaulted and Brazil was engulfed by the investor panic, U.S. financial markets plunged too, and some major American banks and brokerages were at risk. Three years after the turmoil and destruction began, the world's unstable financial system remains unchanged and, therefore, still vulnerable to all the excesses of unregulated capitalism that nearly brought it down. Developing countries, meanwhile, will find themselves in a new straitjacket, probably harsher than the present one, if the right's agenda prevails.

See Also:

FINANCIAL crises; ECONOMIC history; SECURITIES markets; CAPITALISTS & financiers; DEVELOPING countries; ASIA; BRAZIL
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