What future for capitalism?

Watch part two

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.

THIS MONTH’S GUESTS

STUDIO GUESTS Professor Joseph Stiglitz Nobel prize-winning economist Tariq Ali Editor of the New Left Review Ann Pettifor Fellow of the New Economics Foundation Dr Ruth Lea Economic advisor for Arbuthnot Banking Group INTERVIEWEES David Rothkopf Author of Superclass: How the rich ruined our world Dr Christopher Davidson Author of Dubai: The vulnerability of success Joanna Tatchell Author of A Diamond in the Desert: Behind the scenes in the world’s richest city Jim Krane 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.