Global Unions Message — May Day 2012. It is more than five years since the financial crisis hit, followed rapidly by a larger economic crisis. This economic earthquake exposed the dangers of financialisation; of having the real economy subservient to finance; and of two decades of growing inequality. The resulting shock added millions to the already teeming ranks of the jobless and threw millions more into precarious work. Many workers have lost good jobs and far too many have also lost the fundamental rights that went with them.
Global financial markets, opened up by deregulation at national level, have not only produced the current economic crisis, but also the instability that has characterised economic development for the last 30 years, with periodic “bubbles” and crises. […]
Read full post