Managers in Davos criticize globalization

"Turbulence in financial markets has managed to do something that globalization critics have failed to accomplish in years,” writes Alexandra Föderl-Schmid, at the conclusion of the Davos world economic forum. "It is exactly those who stand for globalization and neo-liberalism – managers of funds and banks, and company presidents – who are calling for more controls and permission to intervene. ... The degree of upheaval also becomes evident through the sudden shift of hopes to emerging markets. It is an irony of history: Only continued strong growth in China and India can save the world economy from recession. All at once, sights are set on countries in Latin America and Southeast Asia - which a decade ago depended on support of industrial countries - and on Russia - all countries where the market economy is not free and the state has both access and power to intervene.”

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