Excerpted from the first draft of Fight Back: Reclaim and Expand the Lost Social and Economic Gains, Surge Forward Towards a New Economic Platform, a Freedom from Debt Coalition analysis paper written by the Debt and Public Finance Team (James Miraflor and Emman Hizon).
Directions for the System
Now that the neoliberal system is going haywire, two directions are being presented in the status quo. The first direction, reasoning that it is not the direction but the intensity of pushing forward that is the problem, pushes us towards further market fundamentalism and advances the neoliberal project towards its completion – the total global economic integration and the absolute dismantling of the remaining free trade barriers.
We are now seeing how this paradigm works on how the rice crisis managed to do what trade talks failed to do – a unilateral reduction of crop tariffs of several countries – a solution forwarded by IMF-WB. Neoliberalism is still being presented as a solution, and in fact the problem is being portrayed as the half-hearted effort in implementing this philosophy of governance. This portrayal may not seem so obvious now, but it had been obvious before the collapse of main US investment and insurance houses.