3071-The political economy of new slavery

212 Strategies for Change
quo is a reflection of the interests of a dominant elite, it is not the only
or the most natural or the best way to construct the financial system.
Arguments are constructed around the inevitability of open markets and
a conception of liberalization and subsequent competition as ‘good’.
The problem is that because these groups dominate the financial arena,
any opposition is thwarted as ‘ignorant’. Following this line of thinking
would imply that we are stuck with the present system. However, I would
argue that such articulations merely serve to disguise the fact that
this debate is about political will, not about feasibility: if we cannot do
anything about it, then there can be no discussion; discussion being
precisely what those who now benefit from the unregulated system are
trying to eliminate. Increasingly, questions about the kind of society we
wish to live in are being asked as processes of globalization open up the
intellectual space and the practical necessity of doing so. The evolving
field of global ethics is one which puts the element of choice first,
which then leads to contemplations about how collective decisions
can be translated into the sum of individual actions (Booth, Dunne and
Cox, 2001). From this perspective, the goal becomes how we can make
the Tobin tax, or any other ethical endeavour, work in practice, especially
in light of our changing obligations and possibilities for action
in a globalizing world, an issue which is discussed in more detail in
Chapter 10 of this volume.
On the other side of the debate are those that are politically motivated,
who are either not benefiting from the present system or who refuse to
accept a society in which some are wealthy at the expense of the vast
majority. Such people, some academics, some journalists, some members
of NGOs and some individuals of the general public do not buy into the
heralding of market forces and are far more cautious about its effects
when left to its own devices. However, because most of them are not in
positions of traditional political power, it is far more difficult for them
to bring about change. Furthermore, it is difficult for them to attract
the attention of the general public, many of whom are disillusioned by
the difficulty of fighting for an alternative society or are influenced by
doctrines that emphasize the inevitability of the present system coupled
with libertarian notions that anyone who is poor should have done
better for themselves in a world where opportunities are equal. 8
National governments are increasingly under pressure to adhere to
the interests of private capital, a movement that is only reinforced by
the present financial system. The idea of a Tobin tax should actually be
in the interest of governments as it could restore some of their monetary
autonomy and raise revenue for projects that they should want to