Levels of international aid have been criticised as seriously insufficient for over 50 years, debt cancellation programs have failed to reach most developing countries, and the Millennium Development Goal for halving poverty will not be met by 2015. Without a fundamental restructuring of global economic priorities, the needs of the majority world will continue to be overshadowed by commercial interests.
Governments must accept
that the root causes of poverty, inequality and climate change will never be
addressed without substantial reforms to the global economy. In the meanwhile,
the post-2015 development goals need to be much more ambitious about preventing
avoidable poverty-related deaths within an immediate timeframe.
This section of the report 'Financing the Global Sharing Economy' argues that debt cancellation is an essential prerequisite for
ensuring a more equitable sharing of global financial resources, and the
absolute and unconditional cancellation of unjust debts should constitute an urgent priority for the
This section of the report 'Financing the Global Sharing Economy' argues that there can be no justification for advanced
economies redistributing so little of their national incomes to assist those living
in extreme poverty around the world, and presents the need for a much more generous vision of international aid.
As the Cambridge economist Ha-Joon Chang argues, industrial policy is the proverbial 'Prince' that is missing from 'Hamlet' in discussions about development. So should NGOs work out a global campaign on industrial upgrading, or is that just too weird and
abstract to work? By Duncan Green.
After three decades of sovereign debt crises in the Global South, debt has grown more complex and we are still unable to fight back. But measures could be taken to break the trap and fix the global financial architecture, explains Diana Hulova.
The countries that run the IMF have decided to spend a $2.7bn windfall on subsidising cheaper
loans to low-income countries. This will represent a small financial
benefit for countries taking such loans, but leaves unchallenged what
such loans and debt exist to do, writes Tim Jones.
Today debt repayment has become a taboo subject, but we must pierce the smoke-screen of creditors and re-establish the
historical truth. Repeated and generalised debt cancellation has
occurred throughout history -
often as a result of major social and political upheaval, writes Eric Toussaint.