The Global Political Economy And The Future Of Africa by Prof Dani Wadada Nabudere
The 2007-8 global economic crises have changed the way we shall run the world economy and politics in the future. Mass democratic pressures such as those we are witnessing in the Arab World are already indicative of the way countries will try to cope with problems of equality in economics and freedom in political life. The meltdown is deep and it is amazing that when it struck many people did not see its magnitude and its long-term implications. Indeed, many observers at first viewed the meltdown as purely an American phenomenon.
It was, they argued, a ‘sub-prime mortgage crisis.’ Others who saw deeper elements in the crisis called it a ‘credit crunch,’ but soon realised that it was not a ‘credit crunch’ related only to the ‘sub-prime’ mortgage crisis, but a ‘financial crisis.’ Even with this broadened understanding, the crisis was still regarded as mainly a US problem and not a global one, with the exception of the British Prime Minister, Gordon Brown, who was amongst the first world leaders to say so.
Even then, very few world leaders and economists, including ‘monetarist economists,’ realised that the crisis was a multifaceted one and that at bottom, it was an ‘economic crisis.’ From mid-September 2008, the effects began to be felt globally as US leaders began to talk of an eminent ‘recession.’ In early October 2008, I was one of the few observers who predicted the seriousness of the widening crisis. I wrote three short articles for a local Uganda Sunday newspaper called The Sunday Monitor in which I warned that what we were witnessing was not just a ‘financial crisis’ nor an ‘economic crisis’ but a ‘global capitalist economic crisis’ and that the crisis was terminal for capitalism.
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