Without real reform, the world is doomed to more crises

• Source: Global Times
• [00:46 October 26 2009]
• Comments

During the current crisis Wall Street brought down the US economy with the assistance of improvident borrowers, endangering the rest of the world.

However, in return, taxpayers rewarded the bankers with a bailout. People didn't have any choice then. But now we are about to get out of the crisis, are we imposing tougher regulations or restructuring of the financial system? Not really.

We all agreed during the current crisis that it should lead to an increased role of developing and emerging economies in reframing the world system.
 
Indeed, several meetings ofthe G7 and G20, as well as the World Bank and International Monetary Fund, took place over the past year. But have we seen signifi cant changes or concrete action yet? Not really.

These big issues might be diffcult to change, but even at a smaller level, the reality is that little is being done. Wishful thinking and a reluctance to go through the pain of reform are preventing changes from happening.

Take contemporary art as an example. During its peak before the crisis, it was not rare to see China's A-list artists sold at up to $6 million a piece.

What resulted was a glut of average art at infl ated prices and a growing community of millionaire artists, some more drawn by the opportunities to make vast amounts of cash than any artistic vision.

Some may argue that the fi - nancial crisis did teach people a lesson as to what the market is, and art's relationship to it.