The current free trade model promoted by the World Trade Organization prevents developing countries from introducing economic reforms suitable to their own poverty-reduction needs. A ‘one size fits all’ approach will never alleviate inequality and hunger, writes Justin Frewen.
The push for trade liberalisation by the World Bank and IMF has contributed to increases in poverty and food insecurity in many African countries, finds a study published by the Proceedings of the National Academy of Sciences.
A paper, co-authored by the IMF’s chief economist, has admitted that orthodox macroeconomic policies may have exacerbated the recent financial crisis. Will the Fund now move away from its traditional insistence on low inflation at any social cost?
In a changing political climate, the IMF is looking towards reforming its governance and mandate. The UN and other commentators insist that it must fundamentally rethink the monetary and fiscal policies it demands of borrowers as well, says the Bretton Woods Project.
The European Union response to increasing numbers of desperate migrants attempting to enter its borders has been to tighten security and close its borders. Would a better solution be to analyse the factors that made them move in the first place? By Susan George.
We are living in a world that has entered into a reproductive system of war, militarization, destruction and dehumanization. For different reasons the US has emerged as the centre of this global system.
As the controversy around Iraq War architect Paul Wolfowitz’s uncertain future as president of the World Bank intensifies, the financial institution is not only losing supporters. It’s also losing victims.