With the onset of the Wall Street crash, Venezuela invited 40 political economists to Caracas, to debate the crisis and propose alternatives. The conference titled ‘Responses from the South to the Global Economic Crisis’. Chaired by Venezuela’s Planing and Development Minister Haiman El Troudi and Luis Bonilla from the Centro Internacional Miranda, the group presented papers and debated for four days, before presenting the Venezuelan Government with a joint statement.
Dr. Tim Anderson was one of the Political Economists invited an he spoke to Nimbin Community Radio 2Nim FM about how the Latin American countries are preparing for the imminent world recession. Unlike the more developed nations Latin American countries are investing in the social and public sector rather than bailing out the private sector, to buffer themselves from the Wall Street meltdown.