Financial Turmoil and the Solutions

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November 18, 2008

Financial Turmoil and the "Solutions" -- Will it Help or Worsen the Effects on Developing Countries?

World leaders of the G-20 gathered in Washington to discuss solutions to the global financial crisis. Although the crisis originated in the deregulated financial markets of the developed countries, the impacts of the crisis - both in the financial sector and in the real economy - are spreading globally, including to many countries of the global South.

Panelists Martin Khor and Mark Weisbrot discussed appropriate regulatory mechanisms that are needed to prevent another similar crisis, and steps governments can take to reduce the impacts in the real economy of the US recession on countries globally.

Martin Khor is the Director of the Third World Network, a leading NGO of the South. An economist, journalist and former university lecturer in Malaysia, he is also an advisor and consultant to a number of United Nations agencies and other international bodies. Among his most recent publications are: Globalization and the South: Some Critical Issues, and The WTO, the Post-Doha Agenda and the Future of the Trade System.

Mark Weisbrot is Co-Director at the Center for Economic and Policy Research. He writes a column on economic and policy issues that is distributed to over 550 newspapers by McClatchy-Tribune Information Services. He appears regularly on national and local television and radio programs. He is also president of Just Foreign Policy.

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