Global News Journal
Beyond the World news headlines
Iranian President Mahmoud Ahmadinejad told a U.N. General Assembly session on poverty this week that capitalism is on the verge of death and that it’s time for a new economic system.
“The discriminatory order of capitalism and the hegemonic approaches are facing defeat and are getting close to their end,” Ahmadinejad said at a summit meeting assessing progress on achieving U.N. goals to drastically reduce poverty by 2015.
“The undemocratic and unjust governance structures of the decision-making bodies in international economic and political fields are the reasons behind most of the plights today humanity is confronting,” he said, according to an English translation of his prepared remarks.
Ahmadinejad usually draws a large crowd for U.N. speeches but Tuesday’s address was delivered to a virtually empty hall.
Representatives of the world’s poorest countries joined other U.N. member states in New York this week at a three-day meeting of the U.N. General Assembly on the global financial crisis and its impact on the developing world.
Many delegates from “the South” blasted capitalism and the wealthy Western powers for the crisis. For once they could say they did not cause it though they are the biggest victims. Cuban Trade Minister Rodrigo Malmierca Diaz told the delegations — roughly three quarters of the General Assembly’s 192 member states are participating — that retired Cuban leader Fidel Castro had foreseen the current crisis nearly three decades go.
Brazil's president, Luiz Inacio Lula da Silva lays out his views today on how the world will work in the future. It's part of a Financial Times blog on the outlook for capitalism:
"It will reward production and not speculation. The function of the financial sector will be to stimulate productive activity.... International trade will be free of the protectionism that shows dangerous signs of intensifying. The reformed multilateral organisations will operate programmes to support poor and emerging economies with the aim of reducing the imbalances that scar the world today. There will be a new and democratic system of global governance. New energy policies, reform of systems of production and of patterns of consumption will ensure the survival of a planet threatened today by global warming. But, above all, I hope for a world free of the economic dogmas that invaded the thinking of many and were presented as absolute truths."