Financial Crisis

Aid Group Shines Spotlight on the Neglected

Though 2017 was marked by stories of humanitarian disasters around the world, many crises remain under the radar with devastating consequences for those affected, a new report says.

Wealth Concentration Continues to Increase

As the ‘masters of the universe’ gather for their annual retreat at Davos, the World Economic Forum (WEF) has just published its Inclusive Development Index (IDI) for the second time.

Trade Multilateralism Set Back yet Again

As feared, the Eleventh Ministerial Conference (MC11) of the World Trade Organization (WTO) in Buenos Aires, Argentina, on 10-13 December 2017, ended in failure. It failed to even produce the customary ministerial declaration reiterating the centrality of the global trading system and the importance of trade as a driver of development.

Billionaires, Fiscal Paradise, the World’s Debt, and the Victims

Among Bloomberg's many profitable activities is a convenient Bloomberg Billionaires Index that has just published its findings for 2017. It covers only the 500 richest people, and it proudly announces that they have increased their wealth by 1 trillion dollars in just one year. Their fortunes went up by 23% to top comfortable 5 trillion dollars (to put this in perspective, the US budget is now at 3.7 trillion). That obviously means an equivalent reduction for the rest of the population, which lost those trillion dollars. What is not widely known is that the amount of the circulation of money stays the same; no new money is printed to accommodate the 500 richest billionaires!

The Political Responsibility in the Collapse of Our Planet

On 20 December, Europe’s 28 Ministers of Environment met in Brussels, to discuss the plan for reducing emissions prepared by the Commission, to comply with the Paris Agreement on climate change. Well, it is now clear that we have lost the battle in keeping the planet as we have known it. Now, of course, this can be considered a personal opinion of mine, devoid of objectivity.

Production Diversity, Diet Diversity and Nutrition in Sub -Saharan Africa

Lack of diet diversity is viewed as the major cause of micronutrient malnutrition in Sub-Saharan Africa. Imbalanced diets resulting from consumption of mainly high carbohydrate based-diets also contribute to productivity losses and reduced educational attainment and income. Consequently, micronutrient malnutrition is currently the most critical for food and nutritional security problem as most diets are often deficient in essential vitamins and minerals. In Tanzania, for example, most rural and urban households consume mainly staples as their main food, which are high in carbohydrates, but low in micronutrients and vitamins. Staple food items increase energy availability but do not improve nutritional outcomes if not consumed together with micro-nutrient rich foods.

Shedding Diplomacy, Roberto Savio Speaks about Fear as a Tool to Gain Power

At the outset my thanks to Dr Hanif Hassan Ali Al Kassim, and Ambassador Idriss Jazairy who lead the Centre for Human Rights Advancement and Global Dialogue for organizing this panel discussion at a critical moment in history. The Centre, is one of the few actors for peace and cooperation between the Arab world and Europe. As a representative of global civil society, I think it will be more meaningful if I speak without the constraints of diplomacy, and I make frank and unfettered reflections.

Are Value Chains a Pathway to Nutrition in Sub-Saharan Africa?

Although difficult to ascertain whether it is a trend reversal, two recent FAO reports (2017a, b) show a rise in hunger globally as well as in Africa. The number of undernourished (NoU) in the world suffering from chronic food deprivation began to rise in 2014 –from 775 million people to 777 million in 2015 – and is now estimated to have increased further, to 815 million in 2016. The stagnation of the global average of the proportion of undernourished (PoU) from 2013 to 2015 is the result of two offsetting changes at the regional level: in Sub-Saharan Africa, the share of undernourished people increased, while there was a continued decline in Asia in the same period. However, in 2016, the PoU increased in most regions except Northern Africa, Southern Asia, Eastern Asia, Central America and the Caribbean. The deterioration was most severe in Sub-Saharan Africa and South-Eastern Asia (FAO 2017a,b).

Strengthening Governments to Cope with PPPs

Public-private partnerships (PPPs) have emerged in recent years as the development ‘flavour of the decade’ in place of aspects of the old Washington Consensus. Instead of replacing the role of government or consigning it to the garbage bin of history, corporations are increasingly using governments to advance their own interests through PPPs.

Beware Public Private Partnerships

Public-private partnerships (PPPs) are essentially long-term contracts, underwritten by government guarantees, with which the private sector builds (and sometimes runs) major infrastructure projects or services traditionally provided by the state, such as hospitals, schools, roads, railways, water, sanitation and energy.

A Cop Out at COP23?

Despite a few victories, the UN’s annual climate change conference ended without achieving its goals or injecting a sense of much needed urgency.

Coping with Foreign Direct Investment

Foreign direct investment (FDI) is increasingly touted as the elixir for economic growth. While not against FDI, the mid-2015 Addis Ababa Action Agenda (AAAA) for financing development also cautioned that it “is concentrated in a few sectors in many developing countries and often bypasses countries most in need, and international capital flows are often short-term oriented”.

Beyond Piketty: on income inequality

Have demonetisation and the GST aggravated income inequality? With the Gujarat State elections barely a few weeks away, the debate on the Indian economy has become increasingly polarised. While the official view of demonetisation unleashed in November 2016 elevates it to a moral and ethical imperative, the chaos caused by the goods and services tax (GST) launched on July 1, 2017, is dismissed as a short-run transitional hiccup. Both policies, it is asserted, are guaranteed to yield long-term benefits, unmindful of large-scale hardships, loss of livelihoods, closure of small and medium enterprises and slowdown of agriculture. Critics of course reject these claims lock, stock and barrel. Lack of robust evidence is as much a problem for the official proponents of these policies as it is for the critics. Hence the debate continues unabated with frequent hostile overtones.

Finance Following Growth

Economists of all persuasions recognize the critical role of finance in economic growth. The financial sector’s stability and depth are widely considered important in this connection.

Emerging Markets at Risk Again

Emerging market governments often draw lessons from previous financial crises – or at least claim to do so – to prevent their recurrence. However, such preventive measures are typically designed to address the causes of the last crisis, not the next one. Hence, some measures adopted may inadvertently become new sources of instability and crisis.

Mounting Illicit Financial Outflows from South

Although quite selective, targeted, edited and carefully managed, last year’s Panama Papers highlighted some problems associated with illicit financial flows, such as tax evasion and avoidance. The latest Global Financial Integrity (GFI) report shows that illicit financial outflows (IFFs) from developing countries, already at alarming levels, continue to grow rapidly.

Deliberate Famine Should Be a War Crime, UN Expert Says

The deliberate starvation of civilians could amount to a war crime and should be prosecuted, said an independent UN human rights expert.

Why 1997 Asian Crisis Lessons Lost

Various different, and sometimes contradictory lessons have been drawn from the 1997-1998 East Asian crises. Rapid or V-shaped recoveries and renewed growth in most developing countries in the new century also served to postpone the urgency of far-reaching reforms. The crises’ complex ideological, political and policy implications have also made it difficult to draw lessons from the crises.

Austrian Elections: The Crisis of Europe Continues

The Austrian elections show clearly that media have given up on contextualising events. To do that, calls for a warning about Europe’s future, as a vehicle of European values is required. Europe has been weakened by all the recent elections, with the notable exception of France. Common to all, France included, were some clear trends, that we will hastily, and therefore maybe imperfectly, examine.

Can the Kenyan Lion Kick High Enough to Be the South Korean Tiger of Africa?

In 1953 South Korea emerged from the ravages of a debilitating war, yet the total gross domestic product in nominal terms has surged 31,000 fold since 1953.

World Bank Must Stop Encouraging Harmful Tax Competition

One of the 11 areas that the World Bank’s Doing Business (DB) report includes in ranking a country’s business environment is paying taxes. The background study for DB 2017, Paying Taxes 2016 claims that its emphasis is “on efficient tax compliance and straightforward tax regimes”.

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