Under the heading “Forces for Change: Education Finance,” the presentation given by Bob Harris, Senior Consultant to the EI General Secretary sets out the profiles of the crisis in 5 phases:
1) Early warnings 2006-07, 2) The build-up 2007-08, 3) Saving the financial sector - the G20 2008-9, 4) Saving the real economy? 2009, and 5) The rush to the exits, 2010.
It addresses the difference between “traditional” capitalism and “casino” capitalism, as well as global imbalances, then poses the question of the next phase, based on IMF Head Dominique Strauss Kahn’s image of “a road along a cliff,” and the disappointing outcomes of the Toronto G20 last month, when as the ITUC/TUAC put it: “the G20 faced both ways at once.”
A variety of graphs and forecasts from OECD and the IMF are used, all showing signs of recovery until May 2010, but also a real risk of dipping back into recession.
With data from the ILO, the UNESCO’s Global Monitoring Report, and the World Bank, the presentation highlights the disastrous impact of the crisis on worldwide employment, and especially its impact on developing countries and their prospects of achieving the Millennium Development Goals, including Education for All.
It then supports a paradigm for sustainable recovery, with investments in education and green jobs, as opposed to the unwanted paradigm of ongoing speculation. It concludes with the serious threats to education posed by “exit strategies” and austerity measures.