Global Crisis Opens Door for Overhaul of Economic Relations

Cape Times (South Africa), June 17, 2009 | Go to article overview

Global Crisis Opens Door for Overhaul of Economic Relations


A bad situation may sometimes have good effects, and what is required now is to draw lessons from the global economic crisis and the subsequent losses suffered by most countries.

Science maintains there is no such thing as "absolute truth" but the crisis is evidence that there is no absolute free market. Truth is always relative, just like freedom.

Apart from philosophical controversy, it is important to look for positive points to find a way out of the financial crisis.

Despite the gloom of the global economy and the pessimistic atmosphere enveloping the entire world, all countries, whether separately or collectively, are working hard to contain the crisis, or at least to minimise losses.

At present, there are regions in Europe and Asia, including the Gulf Arab region, emerging as hubs of huge investments, which will bring stability to the world's financial system.

This shift is important for restructuring international relations in the post-credit crisis stage.

For example, the US and Western countries are studying the salient features of Islamic banking and the Islamic finance system to ascertain how far it could be useful in fighting the credit crisis.

The Islamic finance system, which introduces greater discipline into the economy and links credit expansion to the growth of the real economy, is capable of reducing the severity and frequency of financial crises.

The second positive result of the financial crisis revolves around redrafting laws and rules that regulate global financial institutions, especially the International Monetary Fund, the World Bank and the World Trade Organisation. …

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