The formal opening of the BRICS Bank in Shanghai on Jul. 21 following the seventh summit of the world’s five leading emerging economies held recently in the Russian city of Ufa, demonstrates the speed with which an alternative global financial architecture is emerging.
The latest report by the World Trade Organisation (WTO) on G20 trade measures shows a slight deceleration in the application of new trade-restrictive measures by G20 economies, with the average number of such measures applied per month lower than at any time since 2013.
Virtually all countries use Gross Domestic Product (GDP) as their primary measurement of economic progress and overall societal progress. At the same time, countries express allegiance to the doctrine of sustainable development. This exposes an obvious disconnect.
David Kamau is a small-scale maize farmer in Nyeri, Central Kenya, some 153 kms from the capital Nairobi. He recently diversified into carrot farming but is still not making a profit.
As the international community wades into the political discussions regarding the alternatives to the Millennium Development Goals (MDGs) after 2015 and the design of the Sustainable Development Goals (SDGs) as mandated by the Rio+20 conference, it is timely to consider the question of whether development is a matter mostly of individual effort on the part of nation-states or whether there are elements in the international economic system that could serve as significant obstacles to national development efforts.
As of Aug. 1, 2013, the U.S. Bureau of Economic Analysis (BEA) finally stepped into our new 21st century. Gross Domestic Product (GDP) will now include much of the intangible production and services which actually make up some 70 percent of mature 21st century economies, such as software, research and development, entertainment, trademarks, copyrights, design and other creative innovation.
The problem of the U.S. economy lies much deeper than
the fiscal cliff. Wise people--Robert Borosage, Paul Krugman, Joseph Stiglitz--see neither the fiscal deficit nor the U.S. debt as the key problems, but the lack of growth.
There are numerous reasons to believe that the forces that have been driving growth in developing and emerging economies since 2009 cannot be sustained over the medium term. At the same time, it is impossible to return to the extremely favourable international economic conditions that prevailed before the eruption of the global crisis.
Carolina Poalo strikes the dry earth over and over with her hoe, her frail body bent almost double. She is determined to begin planting. During the long, dry season in Mozambique, she and her two young grandchildren have eaten little but cassava leaves.
When you board Mozambique’s national carrier, Linhas Aéreas de Moçambique, you will most likely be given small blue packets of peanuts to munch as the jet whisks you from the country’s capital, Maputo, to as far afield as Europe. Sugar, salt or chilli flavour. Take your pick.
KUALA LUMPUR, Feb 26 (IPS) - A plan by the Malaysian government to privatise its public healthcare system and get consumers to pay for it through salary cuts is rapidly turning into a major election issue.