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Two years after the bubbles of the world's financial fantasy have burst with spectacular effect, millions have lost their homes, millions more have lost their jobs, and economies around the world continue to stumble.
Professor Joseph Stiglitz
Nobel prize-winning economist
Editor of the New Left Review
Fellow of the New Economics Foundation
Dr Ruth Lea
Economic advisor for Arbuthnot Banking Group
Author of Superclass: How the rich ruined our world
Dr Christopher Davidson
Author of Dubai: The vulnerability of success
Author of A Diamond in the Desert: Behind the scenes in the world's richest city
Author of City of Gold: Dubai and the dream of Capitalism
The West's masters of the universe had promised global prosperity, persuading much of the world to worship before the three gods of modern capitalism: privatisation; de-regulation; and global economic 'liberalisation'.
But as their economic trinity unravelled, turning market fantasies into public nightmares, those same individuals and institutions responsible for the mess were called in to clean it, and pave the way for a better future.
In the process, the banks that benefited mostly from crony capitalism and got us into this mess continue to reward themselves handsomely, as tax payers pick up the tab.
Empire asks: What does the future hold for crony capitalism? And what are the alternatives to neo-liberal globalisation?
This episode of Empire aired from Wednesday, March 3, 2010.
Source: Al Jazeera