From LL:
"The global financial machine has ground perilously close to a halt. This timely film explores what went wrong with economic globalisation. How could the financial world have miscalculated so badly?
We chart financial liberalisation in East Asia, privatisation in Latin America, the reckless transition to capitalism in Russia and Chinas more cautious evolution to a market economy. Our vision of the economy is a caring economy, an economy where the State has to be the fundamental engine, not the market explains economic reformer President Hugo Chavez. We ask whether the policies of lending institutions like the IMF have exacerbated financial crises, as its rescue packages have ended up servicing bank debt. Of course these packages end up rescuing private lenders from the consequences of their own actions, admits economist Paul Krugman, echoing concerns about bailout loans."
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notarobotA very informative film. I am adding it to my playlists. Thank you ElJardinero.
ElJardineroNo problem notarobot!
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ElJardineropq'd with 10 votes?
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RedSkyGood documentary.
I think the link with the IMF they make is a bit tentative though. When capital markets are deregulated, local investors have the option, not the obligation to borrow from international financial institutions. The cost borrowing may well be lower, but borrowing from overseas obviously exposes them to the risk of their currency devaluating and the cost of the debt they have to repay rising as the buying power of their currency falls. The IMF may have encouraged borrowing from abroad, but it is hardly like they could have forced, or put pressure on the actual investors in the same way as they put pressure on government policy. Then again I'd imagine it would have been no constellation during the Asian financial crisis if you had been one of the few to raise funds locally. When the stock market plummeted, you would have been screwed either way.
There's no doubt though that the IMF encouraged harsh Machiavellian and unproven policies and given the very large stake that the US holds in it, there's an obvious potential for self serving intentions.
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GeeSussFreeKThere is a much better, less jaded documentary on this called "Commanding heights". It's 6 hours, but it doesn't cherry pick examples for any one side. Shows the failures AND successes of globalization and doesn't play sappy piano music all the way through.
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