HUMAN WRONGS WATCH

Human Wrongs Watch

By Jomo Kwame Sundaram*

KUALA LAMPUR, Feb 16 2017 (IPS) – Over the last four decades, the Washington Consensus, promoting economic liberalization, globalization and privatization, reversed four decades of an earlier period of active state intervention to accelerate and stabilize more inclusive economic growth, associated with Franklin Delano Roosevelt and John Maynard Keynes.

South-south cooperation represents a progressive alternative to the Washington Consensus. Credit: IPS

The Golden Age
The US Wall Street Crash of 1929 led to the Great Depression, which in turn engendered two important policy responses in 1933 with lasting consequences for generations to come: US President Roosevelt’s New Deal and the 1933 Glass-Steagal Act.