First paragraph: Globalization is not a new phenomenon. A first phase occurred during the colonization of Africa, Asia and Latin America when raw materials for Europe were extracted, slave labor shipped across the world and markets developed as outlets for European commodities. This critical...

First paragraph: The controversy still rages on whether the current crisis is the result of market failure or government failure. Paraphrasing former US-President Harry Truman's request for a one-armed economist, I would say ›both‹. On the one hand, the tenets of the mainstream efficient...