Corporate globalization in the ‘real’ world economy lay behind what appeared at first to be a strictly financial crisis. It was hooked on debt, a deadly vice which eventually crushes everything in its grip, to the point where no-one knows the value of anything. So it could be that, in August 2007, seemingly marginal ‘sub-prime’ people who started posting their house keys through the letterboxes of loan sharks across the US signalled the shipwreck of a misbegotten ‘global’ enterprise. Read more
Globalization on the rocks