The Global Economy in Turbulent Times

CHAPTER 36 “Occupy Wall Street” Goes Global¹

Since its obscure beginnings, the “Occupy Wall Street” (OWS) movement has spread its wings, joining the “Indignant” of Spain (a movement born on May 15 when a Madrid rally sparked a worldwide campaign focused on outrage over high unemployment and opposition to the financial elite). The OWS group, which has camped out in lower Manhattan’s Zuccotti Park (near Wall Street), now in its fifth week, has a valid complaint: Its young social-media-connected generation is losing faith in traditional structures of government and business, arguing it has been betrayed and denied opportunity. “We got sold out; banks got bailed out” was their chant as thousands marched from Wall Street to Times Square.

Inspired by these movements, rallies rippled across the globe in the weekend of October 15, targeting 951 cities in Europe, Africa, Asia, Australia, and North and South America to take part in the demonstration. It’s unclear how long protestors plan to stay. Some fear this could only be the beginning, as the world faces a systemic rise in anger, protest, and political volatility that could last for years. With Middle East unrest stirring again, a winter of discontent looks likely. It’s not easy to pinpoint the underlying cause of their woes. Check out their websites: They seem to demonstrate against corporate greed (bank bailouts and bonuses) and income inequality (government cutbacks). Worldwide they demand a more fair and equal society.

Since ...