Hedging and Communism?

Filed in archive Op-Ed on October 23, 2007

Opinion- by Sanou Mbaye.

"karl marx predicted that states would wither away in anticipation of an idyllic communist society capable of auto-regulating economic imbalances and empowering the masses. So he would have been flabbergasted to see his prophecy realized, not by communism, but by the globalization of Anglo-American economic liberalism. Opening up markets to the free flow of capital, not the dictatorship of the proletariat, has rendered state power obsolete."

"Today's capital markets raise money for governments, corporate clients, and individual customers, manage pension funds' investments, and bet on the level of interest rates or the stock market. Trading in derivatives by investment banks, hedge funds, and other market participants, reaps huge profits for traders while depriving the real economy of productive investment and job creation. "

Rest of the story here, Africa's Integration Imperative - Korea Times