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The World at crossroads

Radical reforms in reversing the prevailing policy direction of the last four decades will need to be put on the table. Governments will have to accept a more active role in the economy. They must see public services as investment rather than as liabilities and look for ways to make the labour market less insecure. […]

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Finance versus the people in the era of the pandemic

THE current pandemic has brought to the fore, and with exceptional clarity, the fundamental contradiction underlying contemporary globalisation, namely, the contradiction between the interests of finance and those of the people. Indeed this contradiction, which characterizes the era of globalisation as a whole, has now come to a head.

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BAKU, AZERBAIJAN - OCTOBER 26: (FILE PHOTO) Ageing infrastructure, leaking crude oil and debris from decades of extraction, litter an oil field, October 26, 2006 in Baku, Azerbaijan. Oil-rich Azerbaijan gained independence from the Soviet Union in 1991, and its wealth of oil has been responsible for both its development and success, as well as its status as one of the most polluted environments in the world. Azerbaijan have joined the Ukraine in the construction of the Odessa - Brody pipeline, to provide Europe with 6-7 million tones of oil each year and will reduce dependence on giant Russian energy firm, Gazprom. (Photo by Wojtek Laski/Getty Images)

The COVID-19 debt deluge

How long the COVID-19 crisis will last, and what its immediate economic costs will be, is anyone’s guess. But even if the pandemic’s economic impact is contained, it may have already set the stage for a debt meltdown long in the making, starting in many of the Asian emerging and developing economies on the front […]

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