With the world facing the first crisis of the modern age of globalization, a commission of economic experts chaired by Nobel Laureate and former Chief Economist of the World Bank Joseph Stiglitz calls for the creation of a new global reserve system and a global economic coordination council as part of a fundamental reform of the international financial architecture. Carla September reports
“These are ideas whose time has come,” Joseph Stiglitz said end of March in New York, as he introduced the commission’s interim report (see reference), which include immediate prescriptions essential to global recovery, as well as an agenda of deeper systemic reforms needed to ensure that such a recovery would be sustainable. The Commission of Experts on Reforms of the International Monetary and Financial System, as the group convened last year by the President of the General Assembly is formally known, argues that the financial crisis that rapidly spread from a small number of developed countries to engulf the global economy has provided tangible evidence that the international trade and financial system should be profoundly reformed ... ... this article comes up in WDEV 2/Mar-Apr 2009 and is for subscribers only. For direct log in >>> click here.If you have no subscription >>> pick your option or >>>
At first glance, everyday life seems not to have changed in Istanbul. The streets are congested; people hurry to the ferry or the bus. For weeks, there has been no terror attack. Nevertheless, there are some visible changes. There are much more policemen in the streets. In some days, the Istiklal Caddesi, the main shopping street on the European side, seems to be under a state of siege. At every street corner, there is police van with the blue light switched on.
Recent disturbing trends in international finance have particularly problematic implications, especially for developing countries. The new United Nations report, World Economic Situation and Prospects 2017 (WESP 2017), is the only recent report of a multilateral inter-governmental organization to recognize these problems, especially as they are relevant to the financing requirements for achieving the Sustainable Development Goals (SDGs).
The Trump government signals unequivocally the end of international US hegemony. An international hegemon is able to define rules that find relatively broad acceptance internationally and plays a role in safeguarding international economic stability. The Trump government announced measures that go against the present economic rules while not proposing new ones.
The global deficit in quality jobs and deteriorating economic conditions in a number of regions threatens to undo decades of progress in poverty reduction, warns a new report by the International Labour Organization (ILO), the World Employment and Social Outlook (WESO) 2016.
Weakening of workers' rights in most regions is being aggravated by severe crackdowns on freedom of speech and assembly, according to the 2016 Global Rights Index. Restrictions on freedom of speech and assembly, including severe crackdowns in some countries, increased by 22%, with 50 out of 141 countries surveyed recording restrictions.