CCS Events
CCS Libraries
About CCS
CCS Projects
CCS Highlights

Publication Details

Bond, Patrick (1999) Global Economic Crisis: A View from
South Africa. Journal of World Systems Research  Vol 2 Summer : 413--455.

Introduction: Pretoria v. Washington?
Any analysis of the erratic unfolding of global economic crisis is bound to be hotly contested. This is particularly so in mid-1999, amid claims from Washington that the past two years’ dangers of financial meltdown and deflation were averted and fi nally extinguished through a combination of policy measures and good fortune: slightly looser Federal Reserve monetary policy adopted in September 1998, in the immediate wake of the successful public-private bailout of the Long Term Capital Management hedge fund; a new $90 billion International Monetary Fund (IMF) insurance scheme announced the following month; the convening of key countries in a Forum on Financial Stability; the lack of financial contagion (contrary to expectations) in the wake of Brazil’s January 1999 currency meltdown; the long-awaited revival (however infi rm) of the Japanese economy; new plans for somewhat more transparent budgetary and exchange rate systems in emerging markets; and a decision at the G-8 Cologne meeting in June 1999 to sell 10% of the IMF’s gold to fund partial debt relief for the poorest Third World countries. Indeed many observers were surprised at IMF Managing Director Michel Camdessus’s success at turning the debt relief strategy into a vehicle for tougher “Enhanced Structural Adjustment Facility” conditions, just months after the IMF was criticised to the point of ridicule for its East Asian, Russian and Brazilian mishaps (effectively, granting $200 billion in bad loans over 15 months, in exchange for the application of inappropriate austerity measures). To add insult to injury, an IMF plan to unite foreign bankers so as to avoid fracturing their power in forthcoming bankruptcy negotiations with sovereign states was unveiled to a select group on March 1, 1999, when Camdessus spoke—behind-the-scenes to an Institute of International Bankers meeting in Washington—of the parallel need for “creditor councils” which discipline “individual ‘dissident’ creditors” who catalyse “panic-stricken asset-destructive episodes” through too-zealous foreclosure actions.

 cast your net a little wider...
 Radical Philosophy 
 African Studies Association (USA)  
 New Dawn Engineering 
 Indymedia Radio 
 Southern Africa Report online 
 Online Anti Apartheid Periodicals, 1960 - 1994 
 Autonomy & Solidarity 
 New Formulation 
 We Write 
 International Journal of Socialist Renewal 
 Journal of African Philosophy 
 British Library for Development Studies 
 The Nordic Africa Institute Online Library 
 Political Economy Research Institute Bulletin (PERI) 
 Feminist Africa 
 Jacques Depelchin's Tribute to Harold Wolpe 
 African Studies Quarterly 
 The Industrial Workers of the World 
 Anarchist Archives 
 Wholewheat Radio 
 Transformation: Critical Perspectives on Southern Africa  
 Zanon Workers 
 Public Citizen  
 Open Directory Project 
 Big noise films 
 London Review of Books  
 New York Review of Books 
 Monthly Review 
 New Left Review 
 Bureau of Public Secrets  
 Zed Books 
 Pluto Press 
 Duke University Press  
 Abe Books 
 The Electric Book Company 
 Project Guttenberg 
 Newspeak Dictionary 
 Feral Script Kiddies 
 Go Open Source 
 Source Forge 
 Ubuntu Linux Home Page 
 Software for Apple Computers 

|  Contact Information  |  Terms of Use  |  Privacy