Don Young

It is pretty clear that the financial and economic facets of globalisation - those that are most affected by supposedly helpful institutions like the IMF and World Bank - simply aren't working. Despite the bullish assertions of the neo-liberal economics disciples, the philosophies of unfettered free-market capitalism and the institutions that enforce them do not work and need deep reform. Rather than marking the 'end of history' (the flowering of an economic system that is as good as it can get), the current state of economic thinking is more like a garden overwhelmed by a poisonous and invasive weed. There is an urgent need for more practical, grounded and bespoke economic and financial solutions to the multifarious challenges faced by developing and developed countries alike.

Deep down, neo-liberal economics is based on restriction and punishment, rather than development and support. It seems to be the modern equivalent of the medieval belief that original sin, guilt and mortification of the flesh were the only routes to salvation.

It now seems that the weight of evidence shows Keynes was more accurate in his diagnoses and prognoses than the current dogmas that dominate the world economic institutions.

Of course, we should never forget that these same institutions have been hi-jacked by global banks and corporations, working through national governments.

So, currently we have the noxious combination of greed, self-interest and dogmatic economic philosophies working in harness to serve the interests of a few and to disadvantage the majority.