Sir, > Paul Krugman (Crony Capitalism, U.S.A., 1/15/02) points out similarities > between the inside deals made by the Bush Administration with its corporate > buddies, and such dealings in Asia in the late nineties. While the Asia > crisis of 1997 revealed hollow businesses, its causes lie in the > liberalization of capital markets which left countries unprotected, and the > volatility of global speculative capital which poured in and then flooded > out, leaving firms and countries bankrupt. Krugman has previously linked the > collapse of Enron and the Argentine economy-both victims of ultra > laissez-faire economics and recognized that the International Monetary Fund > and the US Treasury bear responsibility for Argentina's crash.  What he > clearly points out is that the current market-driven neo-liberal recipe > applied in the US and globally is failing miserably at great cost to average > citizens worldwide. > > This week nations are gathered at the United Nations to prepare for the > International Conference on Financing for Development in Monterrey, Mexico > in March. But the negotiations are centered on a text largely dictated by > the U.S. and Europe, that simply repeats the failed mantra:  "If developing > nations ...open their economies to foreign investment; de-regulate; rely on > the private sector; liberalize trade; and follow the "reform" > recommendations of the international financial institutions, they would have > all the capital they need for investment."  What a bitter irony in the wake > of Enron and Argentina! > > Women and other lobbyists are promoting an alternative that puts people > before profits-the equal participation of all countries and regulation of > global and national markets combined with human rights, sustainable and > social development, and women's equality. US citizens should demand that the > Bush Administration change course in these UN negotiations and in its blind > commitment to hands-off economic policy that serves only those at the top > and exacerbates poverty, at home and abroad. > > Sincerely, > Carol Barton > Women's Caucus at the UN Financing for Development Meeting > > Contact: > Joan Ross Frankson > Communications Director > 355 Lexington Avenue, 3rd floor > New York, NY 10017 > TEL: (212) 973-0325; FAX: (212) 973-0335 > E-mail: joan@wedo.org; Website: www.wedo.org > > WEDO is an international advocacy organization that seeks to increase the > power of women worldwide as policymakers at all levels in governments, > institutions and forums to achieve economic and social justice, a healthy > and peaceful planet and human rights for all. >

Back to FfD-Women's Consultation