Prabhat Patnaik in the Boston Review:
It has been four decades since neoliberal globalization began to reshape the world order. During this time, its agenda has decimated labor rights, imposed rigid limits on fiscal deficits, given massive tax breaks and bailouts to big capital, sacrificed local production for multinational supply chains, and privatized public sector assets at throwaway prices.
The result today is a perverse regime defined by the free movement of capital, which moves relatively effortlessly across international borders, even as free movement of the people is ruthlessly controlled by a sharp increase in income inequality and a steady winnowing of democracy. No matter who comes to power, no matter what promises are made before elections, the same economic policies are followed. Since capital, especially finance, can leave a country en masse at extremely short notice—precipitating an acute financial crisis if its “confidence” in a country is undermined—governments are loath to upset the status quo; they pursue policies favorable to finance capital and indeed demanded by it. The sovereignty of the people, in short, is replaced by the sovereignty of global finance and the domestic corporations integrated with it.