Live Lecture Summary

Summary (Steve’s Lecture)

The world is facing a enormous crisis, the biggest since the great depression.This situation started in the USA and contagious all the world.The process started in the house market, when the banks lent money for consumers who wanted to have their own house, but could't afford it. These institutions used to sell this debt to other banks, not just in USA, but in all world. When people started default on loans, we run out of money in the market and this situation caused this financial collapse that we are living nowadays. To try to steady the market, the governments put a huge amount of money in this financial instituitions. But the problem still there, we are on a recession.Has globalization caused all this situation?With all this liberalism, this freedom in the market, we have no more rules, no more bounders for goods and financial products. The corporations can do whatever they want to do, for example, they can buy from fabrics in Thailand that pay to their employees less than 2 dollars a day. They make big profits, but encourage poverty and slave work, besides that, normaly they don't care if they are damaging the environment either.In brief, the big corporations are free, they think just about making huge profits, but the world is paying a big price for that.How can we resolve this situation? Is there hope for the planet and humanity?

Reference:

In London Metropoliton Unversity (Live Lecture by Steve Wasser)