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.
This section of the report 'Financing the Global Sharing Economy' argues that a dramatic change of
paradigm is needed if rich nations and global institutions are to stop
forcing developing countries to liberalise their economies through unfair trade rules - whether as a condition of free trade
agreements or in return for financial
assistance.
This section of the report 'Financing the Global Sharing Economy' makes the case for redistributing the IMF's assets through its Special Drawing Rights facility and gold sales. These modest proposals could help
restore
the IMF's flagging legitimacy and prepare the way for more substantial reforms
to the
global economic architecture.
Where do the politics of the World Trade Organisation negotiations stand now?
It appears that the paralysis in multilateral trade talks is leading to
yet another North-South (industrialized versus developing country)
divide. And we still need a multilateral framework for trade, writes Sophia Murphy.
Most of the
countries that have come under the sway of the World Bank have experienced declining development outcomes in recent decades - but this is no accident. The Bank will never be an
effective tool in the fight against poverty without fundamental changes
in its power structure, argues Jason Hickel.
The IMF has decided to spend a $2.7 billion windfall from selling
gold at a high price by subsidising lending to low income countries. The
decision was taken at a meeting of the IMF Board in Washington DC on
Friday 28 September, according to the Jubilee Debt Campaign.
The economic causes of Egypt's revolution
are obscured by political and religion tensions, and barely discussed in the mainsteam media. But the path to genuine development, a fairer distribution of wealth and falling poverty remains open – unless the IMF gets its way, writes Nick Dearden.
A United Nations report slams 30 years of global
policies and ineffective recent austerity measures, arguing that reducing the widening gap between the rich and
poor is not only necessary for social justice, but is also a precondition for sound economic growth. By UNCTAD.