ABSTRACT
The comfortable cant of the market worshippers is that the invisible hand is at work on a global scale, ushering in a new era of world prosperity. The model of development is, to a large extent, the product of a system of incentives operating on the multinational corporation, the most dynamic actor in the process of global economic integration. One important consequence of the change in the global labor market is a change in bargaining power between public and private authorities. The phenomenal creation of new jobs in the United States economy, and the rise of a new labor market, is to a considerable extent a response to poverty. The prescription of the market worshippers for dealing with the debt crisis is a large dose of austerity, a word that evokes monkish virtues but obscures what really happens when countries "tighten their belts." The crisis of the global economy defies any easy ideological solution.
