Constructing a New Global Economy after the Global Financial Crisis : Stagnation and Social Crisis or Towards a Green Economy and Global Freedom?

The global economic crisis of capitalism is far from over. The historic electoral victory of Barak Obama created high expectations of progressive change in the US and the world. As a president Obama certainly has shown some courage with a vision and the same organizing capacity that helped him score his unprecedented victory. The 787 billion dollar stimulus package, in spite of all the earmarks, was still a sign of Obama’s determination to do the right thing. But after winning in 2012,how far is Obama willing to go? Or, more to the point, does he understand the deeper reasons for the fix the world is in? Unfortunately, the answer to the first question is, not very far, and the answer to the second question is that his understanding is quite shallow. I argue that nothing less than a global new deal will get the world economy out of the current crisis. In order for this to come about a new global social democratic movement for deepening economic and political democracy is necessary.