Financial Crisis

Government Debt Is Symptom, Not Cause

Developing country governments are being blamed for irresponsibly borrowing too much. The resulting debt stress has blocked investments and growth in this unequal and unfair world economic order.

Land Grabs Squeeze Rural Poor Worldwide

Since 2008, farmland acquisitions have doubled prices worldwide, squeezing family farmers and other poor rural communities. Such land grabs are worsening inequality, poverty, and food insecurity.

South Suffering Due to Powerful Nations’ Policies

The World Bank expects the international economic slowdown to be at its worst in over four decades in 2024. This is mainly due to powerful Western nations’ contractionary macroeconomic and geopolitical policies.

Making the Global Financial Architecture Work for Emerging Markets and Developing Countries (EMDEs)

The world is facing multiple crises that must be tackled quickly, with innovative approaches and brave decisions. The global financial architecture is an area that needs reform and thinking outside the box. The system created 80 years ago is not able to deal with today’s problems that range from climate change to pandemics, to increasing inequality, to conflict and fragility, to food insecurity and poverty.

‘The World Is Bigger than 5’

The title of this piece is not mine. It’s from the President of Turkiye calling for a reform of the United Nations Security Council. It has since become a motto in the UN reform campaign encapsulating the shared resentment at a global system that gives the five Permanent members – The P5 of the UN Security Council – the United States, France, Britain, China and Russia – unfair and often destructive veto powers that undermines the very ideals for which the UN was established.

Developing Countries’ Government Debt Crises Loom Larger

Developing countries are being blamed for having borrowed and spent irresponsibly. But they have only been doing what foreign powers and financial interests have urged them to do.

Global Governance: Time for Reform

At last the UN Security Council has passed a resolution calling for an immediate ceasefire in Gaza. While stopping short of demanding a permanent end to the violence, it goes further than the world’s peak peace and security body had so far managed since the start of the current brutal phase of conflict in October. But the time it’s taken to get to this point signals an ongoing failure of global institutions to uphold human rights.

Child Malnutrition in Peru Driven Up by Poverty and Food Insecurity

Quechua farmer Felipa Noamesa, who lives in the southern Peruvian department of Cuzco, prepares a cream of fava bean soup for breakfast every morning with bread and vegetable soup with noodles. Her children are grown up, so her priority is that her five-year-old granddaughter does not suffer from anemia or malnutrition, two problems she frequently sees in her community.

Grassroots Venezuelan Initiative Aims to Combat Electricity Crisis with Solar Energy

Sweating profusely, unable to sleep because of the heat, fed up with years of blackouts several times a day, many residents of Venezuela's torrid northwest want to cover the roofs and balconies of their homes with solar panels, and are asking the government to import them massively and cheaply from China.

Industrial Policy, East or West, for Development or War?

Developing countries wanting to pursue industrial policy were severely reprimanded by advocates of the ‘neoliberal’ Washington Consensus. Now, it is being deployed as a weapon in the new Cold War.

Global South Stagnating under Heavier Debt Burden

Much higher interest rates – due to Western central banks – are suffocating developing nations, especially the poorest, causing prolonged debt distress and economic stagnation.

It’s Africa’s Time To Shine, says UN Under Secretary Claver Gatete

With 20 percent of the global population and vast untapped natural resources, not forgetting its human capital, it is time Africa had its rightful seat at the global table, the United Nations Under Secretary and Executive Secretary of the Economic Commission for Africa (ECA), Claver Gatete, has called.

Hapless New Year for Global South

As dire economic predictions for 2023 did not materialise, pundits began 2024 far more optimistically. But policy ghosts from the last half-century will likely undermine such wishful thinking.

North Ignores ‘Perfect Storm’ in Global South

A gathering ‘perfect storm’ – due to various developments, several quite deliberate – now threatens much devastation in the global South, likely to most hurt the poorest and most vulnerable.

Embodying the Spirit of the Dragon

The Year of the Dragon is upon us. UN Secretary-General António Guterres said in his message for this Lunar New Year, “The dragon symbolizes energy, wisdom, protection and good luck. We need these qualities to rise to today’s global challenges.”

Onerous Debt Making Poorest Poorer

Contractionary economic trends since 2008 and ‘geopolitical’ conflicts subverting international cooperation have worsened world conditions, especially in the poorest countries, mainly in Africa, leaving their poor worse off.

PPPs’ Private Gain at Public Expense

At high cost and with dubious efficiency, public-private partnerships (PPPs) have increased private profits at the public expense. PPPs have proved costly in financing public projects.

World Bank Enables Private Capture of Profits, Public Resources

The World Bank insists commercial finance is necessary for achieving economic recovery and the Sustainable Development Goals (SDGs), but does little to ensure profit-hungry commercial finance serves the public interest. By failing to address pressing challenges within their purview, the second-ever Bretton Woods institutions’ (BWIs) annual meetings on the African continent, in Marrakech in October 2023, set the developing world even further back.

Rich Nations, IMF Deepen World Stagnation

With the US Fed raising interest rates, the world economy is slowing as debt distress spreads across the global South, increasing poverty worldwide to pre-pandemic levels, with the poorest countries faring worst.

Big Cons: How Consultancy Firms Undermine Governments

Greater government reliance on consulting companies has greatly enriched them while also undermining state capacities, capabilities, national economies, progress, governance and legitimacy.

Netherlands Latest Country to Tilt to the Right

The Netherlands is the latest country to lurch to the right amid the global cost of living crisis. Its November election saw maverick far-right populist Geert Wilders and his Party for Freedom (PVV) come first. A hardline Islamophobe who’s called for the Quran to be banned could be the next prime minister.

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