In response to the current ecological and financial crises, the call for a more sustainable and fairer globalization is gaining momentum. Building this alternative must begin with a spiritual, moral and ethical understanding of our society and economy, says Kamran Mofid.
In February 2010, the IMF reversed its long-held position on
capital controls by admitting that they constitute a “legitimate component” of
the policymakers’ toolkit. Is this a sign of waning Fund support for uncontrolled
finance?
The world urgently needs a more democratic international decision-making forum to promote an equitable sustainable economic recovery. STWR joins with civil society groups from around the world to call for greater inclusion and transparency in global governance.
Recent financial turmoil has highlighted the impact of faulty economic theory on the real world. Economists should embrace the failure of orthodox ideas as a chance to modify and improve their discipline, writes Peter Radford.
Over-exploitation of India’s groundwater, thanks to the so-called ‘Green Revolution’ in agriculture, has created a water famine. To counter this growing crisis, the government should support biodiversity-based, organic farming systems, says Vandana Shiva.
Despite their importance, interest rates, financial regulation and fiscal policy are often ignored in multilateral discussions on development. Progressive movements need to seize the initiative in defining new avenues for macroeconomic policy, says Alejandro Nadal.
Officials in Beijing claim that a new free trade deal with ASEAN nations will be mutually beneficial, but a second look reveals worrying trends. China’s neighbours may end up locked into a process where the benefits only flow in one direction, writes Walden Bello.
While the burden of debt is crippling poorer nations, cancellation of what is outstanding is not enough. There is an urgent need to restructure the current financial framework if a sustainable solution is ever to be realised, argues Justin Frewen.
Many developed countries 'outsource’ over a third of their carbon dioxide emissions associated with consumption of goods and services. These findings support an ethical argument for rich nations to lead global attempts to cut emissions, say scientists at the Carnegie Institution for Science.
Austerity measures are not the only way to deal with government budget deficits that have burgeoned thanks to the economic downturn. Taxing financial transactions and bank bonuses offer a much fairer way to balance the books, argues Frédéric Lordon.
