Out of Crisis to a Better World: Constructing a New Global Economy after the Global Financial Crisis

The global economic crisis of capitalism is far from over. The historic electoral victory of Barak Obama created high expectations of progressive change in the US and the world. As a president Obama certainly has shown some courage with a vision and the same organizing capacity that helped him score his unprecedented victory. The 787 billion dollar stimulus package, in spite of all the earmarks, was still a sign of Obama's determination to do the right thing. But after winning in 2012,how far is Obama willing to go? Or, more to the point, does he understand the deeper reasons for the fix the world is in? Unfortunately, the answer to the first question is, not very far, and the answer to the second question is that his understanding is quite shallow. Khan argues that nothing less than a global new deal will get the world economy out of the current crisis. In order for this to come about a new global social democratic movement for deepening economic and political democracy is necessary. Lecture from Dr. Haider Khan's paper "Constructing a New Global Economy after the Global Financial Crisis: Stagnation and Social Crisis or Towards a Green Economy and Global Freedom?" (2013) MPRA Paper from University Library of Munich, Germany. Find paper here: http://econpapers.repec.org/paper/pramprapa/49516.htm Haider A. Khan is a Professor of Economics at the Josef Korbel School of International Studies at the University of Denver. He has been widely recognized for his expertise on social accounting matrix (SAM)-based economic modeling, which he employs to study problems in international economics and development. His areas of research include poverty and inequality, environment, foreign aid, trade and investment, as well as economy-wide modeling. Khan is listed among the top five percent of almost 14,000 professional contributors to IDEAS, and his report on women's rights as human rights is among the top ten in the category of political theory and political behavior on the SSRN website. A significant number of Khan's works discuss the issues of regional cooperation and governance, the impacts of democratization on economic growth and economic development, human capabilities and the role they play on individual wellbeing. More recently, Khan has been working internationally on the development of the Theory of Deep Democracy, which he has thus far applied to his proactive studies of Bangladesh's model of governance, as well as his studies of women's rights as human rights.