Financial or Multi-Dimensional Crisis?
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Financial or Multi-Dimensional Crisis?
By M. Nadarajah
Going Down
‘ Private equity company Blackstone Group LP (BX.N) CEO Stephen Schwarzman said on Tuesday that up to 45 percent of the world’s wealth has been destroyed by the global credit crisis. “Between 40 and 45 percent of the world’s wealth has been destroyed in little less than a year and a half,” Schwarzman told an audience at the Japan Society. “This is absolutely unprecedented in our lifetime.” ‘ (Reuters, 12 March 2009)
Permanently in Crisis
The very poor communities across the globe are in ‘a permanent crisis’ from a class and crisis perspective, because that is the way the mainstream global economic structure and process works. Even for many analysts and academics, there cannot be a situation when we will not have the poor among us. They insist that there will always be
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