In early 2016, the Trans-Pacific Partnership (TPP) Agreement -- involving twelve countries on the Pacific Ocean rim, including the USA -- was signed in New Zealand. Right after his inauguration in January 2017, newly elected US President Donald Trump withdrew from the TPP, effectively killing the agreement as its terms require the participation of both the US and Japan.
Over the last few decades, people in the developing world have been rejecting the intellectual property (IP) regime as it has been increasingly imposed on them following the establishment of the World Trade Organization (WTO) including its trade-related intellectual property rights (TRIPs) regime. IP rights (IPRs) have been further enforced through ostensible free trade agreements (FTAs) and investment treaties among two (bilateral) or more (plurilateral) partners.
Was last week’s global stock market sell-off only a “correction” or does it signify a new period of financial instability, caused by major flaws in the world financial system?
At this year’s Davos World Economic Forum (WEF), Canada’s Prime Minister, Justin Trudeau warned the world’s business leaders and fellow politicians, “tackle inequality or risk failure”.
When the World Economic Forum (WEF) concluded in Davos, Switzerland last week, the outcome of the annual talk-fest was seemingly predictable—plenty of unrestrained platitudes but, surprisingly, less of the American populist, protectionist rhetoric.
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.
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
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.
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!
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.
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.
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.
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).
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.
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.
Despite a few victories, the UN’s annual climate change conference ended without achieving its goals or injecting a sense of much needed urgency.
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”.
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.
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 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.
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.