Archive for July, 2002

MOYERS: All over the world there have been outbreaks of protest against globalization like those we just saw in Bolivia. My next guest knows first hand about those protests, and she’s written a book on why people have taken to the streets. It’s called, THE SILENT TAKEOVER, and it’s already a best seller in England where the Sunday TIMES OF LONDON named it one of the year’s best.

Noreena Hertz was born in England, received her MBA from the Wharton School of Business and her Ph.D in economics from the University of Cambridge, where she is Associate Director of the Centre for International Business. Ten years ago she helped Russia organize its first stock market. Welcome to NOW.

HERTZ: Thank you.

MOYERS: Tell my audience what you mean by THE SILENT TAKEOVER.

HERTZ: Governments have been ceding power to big multinational corporations in the market. We see the manifest in a variety of ways. Where governments are giving up power to big international institutions like the World Trade Organization or NAFTA, which are disabling governments’ ability to protect the rights of their own people.

MOYERS: How much is the real issue, those international finance — institutions that you talk about, the World Bank, the IMF,the World Trade Organization. I mean, to whom are they ultimately accountable? THE ECONOMIST of London says that the World Trade Organization is an embryo world government which no one has voted for. Now how much are they the problem?

HERTZ: Well, the World Trade Organization is an organization that defends trade interests. I think the problem is less that they exist. The problem is that internationally we’ve only got an organization that protects trade interests. Surely we need some kind of counterweight to protect human rights and the environment too.

Read the full transcript on the PBS website