South America: Recession Can Be Avoided
Since the financial meltdown began in mid-September, the bond markets of most of the region have been hit, as well as most of their stock markets and a number of currencies. Can South America escape the wrath of the economic and financial storms that have their epicenter in the United States?
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The New Guidelines for SWFs: What's Behind?
On 11 October 2008, the International Working Group of Sovereign Wealth Funds (IWG) released the Generally Accepted Principles and Practices (GAPP) that would guide the governance and accountability framework of sovereign wealth funds (SWFs).
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The Race to a New Bretton Woods
For years, only a small and enlightened elite and some NGOs looking beyond their tiny projects have been calling for a New Bretton Woods - a global conference to restructure the global economic and financial system. Yet suddenly such demands have become almost mainstream, and developments have accelerated tremendously.
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China: Construction of a Socialist Countryside
The timing has been perfect: In the middle of October, the Central Committee of the Communist Party of China approved a reform proposal that will allow farmers to lease or transfer their land rights. Called a "historic" decision by some observers, the Chinese government announced it as Chinas contribution to counter the financial crisis.
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How Will Obama Address Financial Crisis, Recession
The 2008 US Presidential election was historic itself owing to the candidates' profile. But the timing of the elections as the U.S. and global economy are in the midst of the worst financial crisis and recession in decades reminds us of the Great Depression era and the 1980s recession.
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Towards A New Global Economic Compact
The Nobel Laureate in Economics and Professor at Columbia University, Joseph E. Stiglitz has been appointed as President of the United Nations High-level Task Force to review the global financial system. In the following points Stiglitz has summarised key elements of a response to the current global financial crisis.
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Another Bretton Woods Moment: Time for UN to Act
The United States and the Bretton Woods institutions had failed to adequately address the international financial crisis. The only realistic way out of the global crisis was to proceed democratically in the framework of the United Nations. A panel held at the UN headquarters in New York on 30 October 2008 concluded that quick-fixes and half-measures behind closed doors were not enough.
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Inequalities in the Age of Financial Globalization
Despite strong economic growth that produced millions of new jobs since the early 1990s, income inequality grew dramatically in most regions of the world and is expected to increase due to the current global financial crisis, according to a new study published by the research arm of the International Labour Organization (ILO).
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The World Bank's Oily Failure in Chad
It had been touted as a model project that would reduce poverty in a country that is wretchedly poor even by African standards. But last month the World Bank pulled out of the Chad oil project belatedly admitting that its agreement with the government to use a substantial part of oil income for poverty reduction lay in shambles.
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Financial Crisis: Viewpoints on the US Bailout
American congressional leaders say they've reached the broad outline of a deal to pump hundreds of billions of dollars into the stricken U.S. financial system. But the bailout is highly controversial. On 29 September the U.S. House of Representatives voted to reject the $700 billion bailout bill 228 votes to 205.
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WDEV Dossier: From Accra to NYC to Doha
2008 is a critical year for evaluating how aid is helping tackle global poverty and inequality. The Doha conference on Financing for Development at the end of the year will review how well the world has done in its global response to confronting the challenges of financing for development agreed in Monterrey in 2002. Donor credibility is on the line.
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ILO/UNEP: The Transition to a Green Economy
A new study on the impact of an emerging global "green economy" on the world of work says efforts to tackle climate change could result in the creation of millions of new "green jobs" in the coming decades. However, the process of climate change, already underway, will continue to have negative effects on workers and their families.
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From Accra to New York to Doha
Alliance2015 has just published its fifth 2015-Watch. This year's report addresses the question of whether Europe is on track to fulfil its MDG commitments. It analyses in considerable detail the extent to which the programming of European Commission (EC) aid is directed towards the achievement of the MDGs, and it finds a strong legal and policy framework, but much to be done on programming and implementation.
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Using SWFs for Self-Financing Development?
A remarkable feature of the international financial system in the last decade has been the rapid and vast accumulation of foreign-exchange reserves by developing countries. World foreign reserves tripled from $2.1trillion in December 2001 to an unprecedented $6.5trillion in early 2008.
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The Global Dam Industry: Lessons to Learn
The high drama over Turkey's Ilisu Dam continues. A new report by the official monitoring team demonstrates that the project continues to violate the conditions under which Austria, Germany and Switzerland agreed to fund the project. Ilisu has become a test case for the dam industry's efforts to strengthen its social and environmental acceptability.
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New Climate Change Funds: Hurry Leads to Flurry
Northern donor countries in the last 18 months have pledged billions of dollars in new financial commitments to fight climate change. While the provision of new financial resources is commendable, even if long overdue, the question arises if in the rush to do good the donor governments have really done well.
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UNCTAD Warns Africa to Overestimate Export Boom
Weak supply capacity - that is, a limited ability to produce the quantity and quality of goods required to respond to global demand for those goods - is the main obstacle to improved export performance in Africa, and explains why the continent has lost market share from 6% of world exports in 1980 to about 3% in 2007.
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A Turning Point for Aid, Yet Which Direction?
Northern and Southern governments meeting in Accra, Ghana on 2-4 September further defined how they intend to improve the effectiveness of aid by 2010. The true depth of reforms to come will reveal whether aid will finally be used as an instrument for justice, or whether more of the same failed aid, simply polished around the edges, will signal the beginning of the end of the international aid system.
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Issue 6/Nov-Dec 2008 Race to a New Bretton Woods + Time for UN to Act + Stiglitz' New Economic Compact + China's Agrarian Reforms + Transparency Deficit of IMF and World Bank
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Issue 5/Sep-Oct 2008 New Climate Change Funds + The Accra Action Agenda Analyzed + Europe's MDG Commitments + UNCTAD Warns Africa + Ilisu as Test Case + Self-Financing Development
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WDEV Dossier: Global Crisis and the South Recent optimism that the corner was being turned on poverty thanks to faster growth in emerging markets and even some very poor economies is turning to anxiety, as the global economy downshifts.
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Issue 4/Jul-Aug 2008 Global Stagflation? + New LDC Report + Reforming Conditionality + Global Economic Insecurity + G5 Political Decalaration
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WDEV Dossier: From Accra to NYC to Doha 2008 is a critical year for evaluating how aid is helping tackle global poverty and inequality. The Doha conference on Financing for Development at the end of the year will review how well the world has done in its global response to confronting the challenges of financing for development agreed in Monterrey in 2002. Donor credibility is on the line.
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Archives of World Economy & Development
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WDEV Dossier: The New Age of Hunger World hunger is not new. Before the current price increase, 850 million people were chronically hungry. Now, the crisis has driven another 100 million into hunger.
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South African Free Trade Experiences with the EU How South Africa's Free Trade Agreement has been linked up to EPA negotiations + WTO Plus issues in EU-South African trade
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Democracy in the Light of Globalisation What is democracy? + What is new in globalisation? + Global democracy? + Why does global democracy fail? + What could be done?
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Climate Change and Human Rights Two dimensions of equity + Impacts on human communities + Rights-based climate policy + Mitigation and adaptation + Whose atmosphere?
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Femme Globale (I + II) With contributions on Gender Perspectives in the 21st Century
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