Beyond any potential parallels with 1929, the current economic crisis is undoubtedly unprecedented for the globalized world system. Historic banks are failing, major industrial groups are closing or laying off thousands of workers, and millions of people are falling below the survival threshold. The crisis is front-page news every day. But where does it come from? What caused it, and what are the possible ways out?
Simply adding a few more regulations or new restrictive laws on stock market speculation may not be enough. It will be necessary to rethink the entire development model, focusing not only on the centrality of profit but also on what and how to produce. Obama has provided some initial responses, but it remains to be seen if they will be sufficient. And Putin, too, cannot remain on the sidelines.
