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real world economic outlook (RWEO) examines the global economy from a radical perspective: that of economic and environmental justice – for those impoverished and harmed by financial globalisation.
The first RWEO was edited by nef Associate Ann Pettifor. RWEO is a collaborative venture involving radical economists from around the world. RWEO 2003 contributors included Nobel prize winning economist Joseph Stiglitz, and renowned ecological economist Herman Daly.
The theme of RWEO I is globalisation’s true legacy: debt and deflation. Globalisation is described not as a spontaneous event of economic and technological combustion, but as a deliberate strategy to place finance at the centre of our communities – whether local, national or global. This strategy, nef believes, has proved disastrous for the environment and for billions of people in poor countries. It now poses a threat to people and households in the West, as well as to corporations and governments.
RWEO I shows that globalisation’s great achievement – falling prices for labour, good and services – will make it more difficult for individuals, households, governments and corporations to repay the debts acquired through financial liberalisation. It argues that ordinary people have been lured into a quagmire of debt and deflation. Worse, a finance-centred economy has led to a dramatic increase in inequality, both within and between countries. RWEO I analyses the foundations of globalisation, explores how it works in different parts of the world, explains the impact, and suggests alternative approaches.
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