Financial Crisis

Belt and Road Initiative vs Washington Consensus

With the Washington Consensus from the 1980s being challenged, President Donald Trump withdrawing the United States from the Trans-Pacific Partnership (TPP), and China pursuing its Belt and Road Initiative (BRI), most notably with its own initiatives such as the multilateral Asian Infrastructure Investment Bank (AIIB), the political and economic landscape in East Asia continues to evolve. Jomo Kwame Sundaram was interviewed about likely implications for developing countries in the region and beyond.

Promoting Privatization

Privatization has been central to the ‘neo-liberal’ counter-revolution from the 1970s against government economic interventions associated with Roosevelt and Keynes as well as post-colonial state-led economic development. Many developing countries were forced to accept privatization policies as a condition for credit or loan support from the World Bank and other international financial institutions, especially after the fiscal and debt crises of the early 1980s. Other countries voluntarily embraced privatization, often on the pretext of fiscal and debt constraints, in their efforts to mimic new Anglo-American criteria of economic progress.

The Crisis in Venezuela

My mission to Venezuela in November/December 2017 was the first by a UN rapporteur in 21 years. It was intended to open the door to the visit of other rapporteurs and to explore ways how to help the Venezuelan people overcome the protracted economic and institutional crisis.

Millions of Venezuelans in Need of Protection

The international community must extend protections for Venezuelans in light of a growing humanitarian crisis with no end in sight. Human Rights Watch has urged governments in the Americas to provide temporary protection to the millions of Venezuelans fleeing a severe humanitarian crisis.

Ignorance-Inspired Brexit Imperial Nostalgia

As the possible implications of Britain’s self-imposed ‘no-deal’ exit from the European Union loom larger, a new round of imperial nostalgia has come alive. After turning its back on the Commonwealth since the Thatcherite 1980s, some British Conservative Party leaders are seeking to revive colonial connections in increasingly desperate efforts to avoid self-inflicted marginalization following divorce from its European Union neighbours across the Channel.

Agribusiness Is the Problem, Not the Solution

For two centuries, all too many discussions about hunger and resource scarcity has been haunted by the ghost of Parson Thomas Malthus. Malthus warned that rising populations would exhaust resources, especially those needed for food production. Exponential population growth would outstrip food output.

Economic Crisis Can Trigger World War

Economic recovery efforts since the 2008-2009 global financial crisis have mainly depended on unconventional monetary policies. As fears rise of yet another international financial crisis, there are growing concerns about the increased possibility of large-scale military conflict.

Beware Proposed E-commerce Rules

In Davos in late January, several powerful governments and their allies announced their intention to launch new negotiations on e-commerce. Unusually, the intention is to launch the plurilateral negotiations in the World Trade Organization (WTO), an ostensibly multilateral organization, setting problematic precedents for the future of multilateral negotiations.

A New Spectre is Haunting Europe

After Theresa May’s defeat in the British parliament it is clear that a new spectre is haunting Europe. It is no longer the spectre of communism, which opens Marx’s Manifesto of 1848; it is the spectre of the failure of neoliberal globalisation, which reigned uncontested following the fall of the Berlin Wall, until the financial crisis of 2009.

Gloom Ahead of World Economic Storm

In light of the uncertainty caused by the US-China trade war, the IMF expects the US economic growth to slow from a three-year high of 2.9 per cent in 2018 to 2.5 per cent in 2019, while China’s expansion has already slowed in recent years, albeit from much higher levels.

Rethinking Free Trade Agreements in Uncertain Times

After US President Donald Trump withdrew from Obama’s Trans-Pacific Partnership (TPP), involving twelve countries on the Pacific rim, on his first day in office, Japan, Australia and their closest allies proposed and promoted the Comprehensive and Progressive Trans-Pacific Partnership (CPTPP) to draw the US back into the region to counter China’s fast-growing power and influence.

Time for a new Paradigm

The person most qualified to write the foreword for the latest work by Riccardo Petrella, In the Name of Humanity, would actually be Pope Francis, who, using other words but speaking of values and making denouncements, has often argued what the reader will find in its pages.

Stopping Criminals from Laundering Their Trillions

Al Capone had a problem: he needed a way to disguise the enormous amounts of cash generated by his criminal empire as legitimate income. His solution was to buy all-cash laundromats, mix dirty money in with clean, and then claim that washing ordinary Americans’ shirts and socks, rather than gambling and bootlegging, was the source of his riches.

Aborted Fuel Tax Initiative in France: Its Ramifications for Green Growth

Emmanuel Macron was voted to French Presidency in 2017 with the mission of strengthening the integration of the European Union and pursuing economic and ecological reforms. So from the outset, he was set to distinguish himself, not just in Europe but on the world stage, especially after President Trump pulled the United States out of the Paris Agreement. So Macron held the summit meeting on `One Planet’ in Paris last December to push for stronger environment and climate policy. He also spoke of the environment when he addressed the Congress in April 2018, stating that “Let us face it: There is no Planet B.”i

Taking Away the Ladder

The notion of the BRICS (Brazil, Russia, India, China, and later, South Africa) was concocted by Goldman Sachs’ Jim O’Neill. His 2001 acronym was initially seen as a timely, if not belated acknowledgement of the rise of the South. But if one takes China out of the BRICS, one is left with little more than RIBS. While the RIBS have undoubtedly grown in recent decades, their expansion has been quite uneven and much more modest than China’s, while the post-Soviet Russian economy contracted by half during Boris Yeltsin’s first three years of ‘shock therapy’ during 1992-1994.

Big Business Capturing UN SDG Agenda?

Over the last two decades since the Global Compact, the United Nations has increasingly embraced the corporate sector, most recently to raise finance needed to achieve the Sustainable Development Goals (SDGs), i.e., for Agenda 2030. But growing big business influence has also compromised analyses, recommendations, policies and programme implementation, undermining the SDGs.

Havana Charter’s Progressive Trade Vision Subverted

In criticizing the ‘free trade delusion’, UNCTAD’s 2018 Trade and Development Report proposes an alternative to both reactionary nationalism, recently revived by President Trump, and the corporate cosmopolitanism of neoliberal multilateral discourse in recent decades by revisiting the Havana Charter on its 70th anniversary.

Multilateralism Undermined by Globalization’s Discontents

On 24 October 1945, the world’s most inclusive multilateral institution, the United Nations, was born to “save succeeding generations from the scourge of war, ... reaffirm faith in fundamental human rights, … establish conditions under which justice and respect for the obligations arising from treaties and other sources of international law can be maintained, and to promote social progress and better standards of life in larger freedom” (UN Charter: Preamble).

African Nations Show Rare Transparency in Military Spending

When the United Nations began publishing annual reports on arms expenditures, starting in 1981, not all 193 member states voluntarily participated in the exercise in transparency-- primarily because most governments are secretive about their defense spending and their weapons purchases.

Amidst Rising Hunger, BCFN Forum to Promote Food Sustainability

As 2018 nears its end, the world faces a new wave of food insecurity with the level of hunger being on the rise globally. A record 821 million people are facing chronic food deprivation – a sharp rise from 804 million figure in 2016 - said a report published by the UNFAO earlier this year. Along with rising hunger, food security has declined across Africa and South America while undernourishment is on the rise again in Asia, said the report which attributed the changing scenario to climate-related changes, adverse economic conditions and conflict. With this alarming picture as the backdrop, the 9th Barilla Center for Food and Nutrition (BCFN) International Forum on Food and Nutrition in Milan is all set to take off on November 27.

Inequality undermines democracy

Economic inequality – involving both income and wealth concentration – has risen in nearly all world regions since the 1980s. Gross economic inequalities moderated for much of the 20th century, especially after World War Two until the 1970s, but has now reached levels never before seen in human history.

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