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Flaws in the financial system: socializing risk, privatizing profits.

Article Excerpt
On the 30 October 2008, six eminent economists and sociologists at an Interactive Panel on the Global Financial Crisis, convened at UN Headquarters by the President of the sixty-third General Assembly session, Miguel d' Escoto Brockmann, spoke of the unfolding financial crisis and its macroeconomic and social impacts. The panelists included Joseph Stiglitz, 2001 Nobel Laureate in Economic Sciences and former Chief Economist of the World Bank; Francois Houtart, Chief Editor of the International Journal of Sociology of Religion, Social Compass; Prabhat Patnaik, Professor at the Centre for Economic Studies and Planning at Jawaharlal Nehru University; Sakiko Fukuda-Parr, Professor of International Affairs at the New School University; Calestous Juma, Professor of the Practice of International Development at Harvard Kennedy School of Government; and Pedro Paez Perez, Minister for Economic Policy Corrdination of Ecuador and President of the Economic Policy Coorditation of Ecuador and President of the Ecauadorian Presidential Commission for the New Regional Financial Architecture-Banco del Sur.

In his opening address, Mr Brockmann said that what was once benignly described as "irational exuberance" had now been exposed for what it was: "unbridled greed and pervasive corruption, enabled by Governments that lost sight of their responsibility to protect their citizens". He expected the panel of experts to identify steps for adoption by Member States in...

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