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Sep 9, 2006 10:20:00 AM
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Simon Retallack: Well, the devising of a new economic system is an enormous challenge. Economic systems, on the whole, evolve and it isn't possible simply to sit down and write a new one. However, that said, the process of devising any economic system -- however long it takes and however evolutionary it is -- should be done democratically and the moment -- far too often, in negotiations at the World Trade Organization or in discussions at the International Monetary Fund or the World Bank, the organizations of the global economy that essentially shape the economic system that we have today, the negotiations and the positions that are ultimately agreed do not derive from any strong sense of Democratic legitimacy. In fact, far too often they represent the interests of powerful -- the powerful vested interests who want an economic system that profits them. Now that has to change. If we're devising a new system, we must involve people far, far more than we have up to now: the public, the electorate, civil society groups, people that represent interests of other species other than our own. And that means, I think, taking the global capitalists’ free market system that we have and insuring that it internalizes the externalities, that we in all the products we trade across the world internalize the price of the pollution that those products are responsible for by the way they’re made, that we pay people fairly through the products that we buy and that we encourage respect both for social cohesion, communities, the family, fairness for workers and sustainability for the planet. And we can use tax systems to do that, but we should also reform the prescriptions that the international or financial institutions hand out to governments to insure that when they're in trouble financially they're not made to devise systems that are not in their or their peoples’ or their environments’ interests.
And that can be done bit by bit. The world trade rules are written, they are devised, and they can be reformed.
by Simon Retallack
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