Not content with the Western-dominated global financial system, five emerging economic powers are paving the way to a new and more egalitarian world order. At their fourth summit on 29 March in India, the BRICS emerging powers, Brazil, Russia, India, China and South Africa took concrete steps towards shaping a multi-polar world, reports Carla September.
The fourth BRICS Summit agreed to explore the establishment of a new development agency to challenge the World Bank. The so-called BRICS Development Bank would generate resources to fund infrastructure and core sector projects in emerging economies. “This issue [of a BRICS Development Bank] has been brewing for quite some time. This summit brought it to the next practical level,” said Martin Khor, executive director of Geneva-based South Centre, an intergovernmental organisation of developing countrie ...
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.