On Friday, 1st November,
Ann Pettifor, Director of
Jubilee Research at the
New Economics Foundation, joined Roberto Bissio of
Social Watch in Uruguay; Evelyn Herfskens of
UNDP and Adrian Wooldridge of
The Economist in addressing the
UN General Assembly.
The subject of the session was
Managing Globalisation. Ms Pettifor
defined globalisation as
the new dominance of finance capital over the global economy; caused, she argued by the US's growing deficit, and its need to borrow from the world's capital markets to finance that deficit. She noted that from 1945 to 1970 the US and other western economies had been major exporters of capital; from 1970 onwards, they became major importers of capital.
It was this reversal in capital flows that lay at the heart of "globalisation". Ms Pettifor called for the
regulation of capital markets; and argued that such regulation was a necessary
pre-condition for reforming international financial institutions, and for
restoring policy autonomy to governments.