Tuesday, October 7, 2014

Flaws of pushing free market system and neoliberal agenda everywhere

"One is that we really need to reform the World Bank and the International Monetary Fund (IMF). I talk about that in my book. But right now, the World Bank has been behind a lot of these problems. It's almost like there's still a cold war going on between socialism and the free market system, and the World Bank and the IMF are acting as if they have to push this free market system everywhere and this neoliberal agenda everywhere or else socialism will take over. And it's a flawed way of looking at the world. Our macroeconomic system, their macroeconomic systems, are completely based on growth, but we can't grow the amount of water we have in the world. It's always going to be the same. So they have to pull back and start thinking in terms of the environment.

So what can the average person do? Well, I was thinking about how Europe, when they decided to create the Eurozone, there was something called a European Citizens' Initiative set up that basically said, "Look, the Eurozone is not going to be democratic in the way we're used to, so we want to be able to petition the European commission to make changes that we want." So now, if they get a million signatures, the European commission has to consider what they want. The first one was on water. But I think we need something like that with the World Bank and the IMF because right now, they're completely controlled by money. Whoever has the most money in the world controls them, and it's not democratic. We need a more democratic system."

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