Sacrificing Neoliberalism to Save Capitalism: Latin America Resists and Offers Answers to Crises

Abstract

The current global crisis is not merely a speculative financial crisis that has impacted the real economy in the form of overproduction and demand contraction. It is also a social, environmental and energy crisis; a crisis of democracy, of multilateralism, of neoliberalism and ultimately a crisis of capitalism. In large measure, it is an ethical crisis where a few have been allowed to freely engage in speculative and predatory practices while jeopardizing the interests of humankind. This article focuses on several countries in Latin America where hope is building, creative solutions are being tested, a popular response to crises is emerging, and the basis for an alternative to capitalism is being drafted. These proposals, uncharted elsewhere, are only possible within the context of an alternative, solidarity-based regional integration. They constitute the first steps in the process of development of socialism from the base — a socialism of the 21st century.