The failure of the IMF, World Bank and WTO to represent and further the interests of the developing world, through their one-size-fits-all approach, has lead to the collapse of trade negations, widespread criticism of their effectiveness, and bitter international protest. Many countries are rejecting the neoliberal ideologies of the ‘unholy trinity’ with intensifying calls for their reform or decommissioning.
WTO Director General Pascal Lamy has called for trade liberalisation and finalisation of the Doha Round to alleviate the global financial crisis. Such a solution would only exacerbate the economic, social and environmental problems facing the world today, argues Myriam Vander Stichele.
It's the IMF to the rescue! Again. But in a saner world, the IMF would change its tune and advise countries
to build up their own economies - perhaps through some kind of green
jobs plan - instead of rapidly integrating into a global economy
largely built on US consumption, writes Sameer Dossani.
Global policymakers need to understand not only the economics of aggregate
growth, but the socio-economic impact of globalized flows on the distribution
of income and on the welfare of human beings, says Sharat G. Lin.
The World Bank expects almost 40 million people in developing countries to fall into poverty as a
result of the turmoil caused by the global credit crunch - and is planning to lend $100bn to developing countries over the next three years. Reported by Larry Elliott.
In 1944, the world's most powerful nations met at Bretton Woods, United States, to create the financial architecture for a post-war era. Against a backdrop of 'financial anarchy,' world leaders will meet on November 15th to shape a new economic order again - but what can we expect from 'Bretton Woods II'?
The World Bank and IMF have repositioned themselves as
fighters of poverty and corruption, leading to debilitating adjustment programs in Africa. Passivity in the face of global financial meltdown
now shows that these organisations must rediscover their original mandate, argues Hossein
Askari.
In a bid to secure their interests at the WTO, rich countries are attempting to undermine the developmental components in talks on agriculture and cotton subsidies, causing great concern amongst developing countries, activists and NGOs, writes Ravi Kanth Devarakonda.