Over the last four decades, the Washington Consensus, promoting economic liberalization, globalization and privatization, reversed four decades of an earlier period of active state intervention to accelerate and stabilize more inclusive economic growth, associated with Franklin Delano Roosevelt and John Maynard Keynes.
The 2008-2009 financial breakdown, precipitated by the US housing mortgage crisis, has triggered an extended stagnation in the developed economies, initially postponed in much of the developing world by high primary commodity prices until 2014. Yet, the financial crisis and protracted economic slowdown since has not led to profound changes in the conventional wisdom or policy prescriptions, especially at the international level, despite global economic integration since the 1980s.
New US President Donald Trump has long insisted that its major trading partners having been taking advantage of it. Changing these trade terms and conditions will thus be top priority for his administration, and central to overall Trump economic strategy to ‘Make America Great Again’.
Oxfam's latest estimate
that just eight super-rich people – down from 62 last year and 388 just six years ago - own more wealth than the poorest half of the world population is a clarion call to change the way we think about and try to tackle inequality.
Attacking the Affordable Care Act; the “global gag rule” against abortion; the federal regulation and hiring freeze; canceling the TPP; restarting the Keystone XL and Dakota Access Pipeline; limiting entry with the Mexican Wall; the 90-day travel ban on seven countries; more undocumented people prioritized for deportation; no federal funding for cities refusing to cooperate; communications blackout from federal agencies; Guantánamo torture continued–What does it add up to?
US President-elect Donald Trump has announced that he will take the US out of the Trans-Pacific Partnership (TPP) Agreement on the first day of his presidency in January 2017. Now, it is widely expected that Trump’s presidency will increase US trade protectionism, and consequently by others in retaliation, possibly triggering serious trade conflicts with difficult to predict consequences.
So-called free-trade agreements (FTAs) are generally presumed to promote trade liberalization, but in fact, they do much more to strengthen the power of the most influential transnational corporations of the dominant partner involved. While FTAs typically reduce some barriers to the international trade in goods and services, some provisions strengthen private monopolies and corporate power.
President-elect Donald Trump has promised that he will take the US out of the Trans-Pacific Partnership Agreement (TPPA) on the first day of his presidency. The TPP may now be dead, thanks to Trump and opposition by all major US presidential candidates. With its imminent demise almost certain, it is important to draw on some lessons before it is buried.
Without any hint of irony, the World Bank’s most recent Doing Business Report 2017 promises ‘Equal Opportunity for All’. Bangladesh ranked 176th among 190 economies, below civil war-ravaged Iraq and Syria! Bangladesh even slipped two places from 174 in the 2016 ranking and is three places below its 2015 ranking.
The World Bank’s Doing Business
Report 2017, subtitled ‘Equal Opportunity for All’, continues to mislead despite the many criticisms, including from within, levelled against the Bank’s most widely read publication, and Bank management promises of reform for many years.
No one is really prepared for an emergency until they’ve had to live through one. And the 16 April earthquake in Ecuador put us to the test.
Migration is part of the process of development. It is not a problem in itself, and could, in fact, offer a solution to a number of matters. Migrants can make a positive and profound contribution to the economic and social development of their countries of origin, transit and destination alike. To quote the New York Declaration, adopted at the UN Summit on Refugees and Migrants on 19 September, “migrants can help to respond to demographic trends, labour shortages and other challenges in host societies, and add fresh skills and dynamism to the latter’s economies”.
The world is awash with data. Today, more data than ever in human history is produced on a daily basis. Every time a person carries a cell phone from one place to another, tops up her mobile airtime or posts on social media, new data is created.
Privatization of SOEs has been a cornerstone of the neo-liberal counterrevolution that swept the world from the 1980s following the economic crisis brought about by US Fed’s sharp hike in interest rates. Developing countries, seeking aid from the International Monetary Fund (IMF) and the World Bank, often had to commit to privatization as a condition for credit support.
For those of us who ever feel conflicted about the United Nations, the past month has been an exercise in managing absurd cognitive dissonance. First, on October 21 2016, the United Nations announced that the 1940s comic book heroine, Wonder Woman would be its new mascot for promoting the empowerment of women and girls.