It is time to recognize that financial markets are inherently unstable. Imposing market discipline means imposing instability, and how much instability can society take?... To put it bluntly, the choice confronting us is whether we will regulate global financial markets internationally or leave it to each individual state to protect its interests as best it can. The latter course will surely lead to the breakdown of the gigantic circulatory system, which goes under the name of global capitalism.

The Crisis of Global Capitalism (1998)