As financial and economic chaos increasingly threatens the entire world, its leaders have only one answer: rigid adherence to the neoliberal policies that have proved so disastrous over 25 years - while they falsify statistics to try and shore up public illusions of 'success' and seek to distract attention with a bogus 'war on terror'. But what this strategy of desperation can no longer conceal is the inability of self-regulated, profit-maximizing capitalism either to deliver minimum acceptable levels of economic security to the vast mass of the world's people or to avert ultimate financial crisis such as will bring ruin even to most of the privileged few.

As this grim reality - manifested in chronic low growth, crumbling share values, bankrupt pension funds and unprecedented corporate failure and fraud - begins to dawn on the public, it must raise increasing doubts as to the sustainability of an economic order so long taken for granted.

Harry Shutt was Chief Economist at the Fund for Research and Investment for the Development of Africa (1977-79). Since then he has been an independent economic consultant. His books include The Myth of Free Trade: Patterns of Protectionism Since 1945 (1985), The Trouble with Capitalism: An Inquiry into the Causes of Global Economic Failure (Zed 1999) and A New Democracy: Alternatives to a Bankrupt World Order (Zed 2001).
Harry Shutt was Chief Economist at the Fund for Research and Investment for the Development of Africa (1977-79). Since then he has been an independent economic consultant. His books include The Myth of Free Trade: Patterns of Protectionism Since 1945 (1985), The Trouble with Capitalism: An Inquiry into the Causes of Global Economic Failure (Zed 1999) and A New Democracy: Alternatives to a Bankrupt World Order (Zed 2001).