The Market Turn Without Neoliberalism.

The article discusses issues surrounding the global capital market as of January 1, 1999. In societies as different as Russia and Brazil, the call has gone out for a mobilization of national resources. The global capital market has been revealed as no savior, and the plain truth that countries must first help themselves in order to profit from help from abroad has been painfully driven home. According to the author, unlike the crisis of the 1930s, today's financial crisis began in peripheral rather than central economies. Japan's remains the only major economy to have been shaken until now. The issues nevertheless transcend their origins. Academic debate has thus far focused on the secondary and the superficial, whether to limit financial volatility through exchange and capital controls or to persist in the opening of the global economy to free flows of capital, and whether to extend or scale back bailouts by multilateral financial agencies like the International Monetary Fund. Saving and production, the money economy and the real economy, continue to be weakly connected in contemporary societies.