By José Antonio Ocampo and Karla Daniela González, Columbia University This article was first published in the 2023/2024 UNDP Human Development Report – Breaking the Gridlock: Reimagining cooperation in a polarized world –on 13 March 2024. NEW YORK | 14 March 2024 (IDN) — There is broad-based agreement among the United Nations and the Group […]
China’s Asian Bank May Herald A New World Order
By Kalinga Seneviratne* | IDN-InDepth NewsAnalysis
SINGAPORE (IDN) – Since the 2008 economic meltdown, Europeans and the Americans have been asking the Chinese to contribute more to the Bretton Woods institutions. The Chinese, on the other hand, have been demanding reforms to the hegemonic system of management and voting rights in these institutions that favour the Americans and the Europeans. Both appeals have mainly landed on deaf ears.
EU Spares Trillions Hidden in Tax Havens
By R. Nstranis
IDN-InDepth NewsAnalysis
BERLIN (IDN) – ‘There is no alternative but to cut public spending and development aid’ has become a much repeated mantra for governments in the rich countries. But investigations reveal that there is a huge lot of hidden ‘private’ money that could put an end to extreme global poverty.
Is Time Ripe to Abandon the IMF?
By Raúl de Sagastizabal
IDN-InDepth NewsEssay
Hedging behaviour, a high degree of groupthink, intellectual capture, a general mind-set that excludes contrary views, fiefdom battles, inadequate analytical approaches, and lack of accountability should make governments ask themselves whether the time has not come to withdraw their support for the IMF.
The Sisyphean Task of Managing the Euro Zone
By Peter Wahl*
IDN-InDepth NewsAnalysis
BERLIN (IDN) – In spring 2011 it became more and more obvious that Greece would not be able to comply with the conditionality of the 2010 rescue package of €120 billion. Targets were not reached since the budget cuts and austerity measures had stalled growth, and the recession was deeper than calculated. Spending for unemployment went up while tax revenues fell.
Volatility in Capital Flows Calls for Regulation
By Martin Khor*
IDN-InDepth NewsAnalysis
Booming capital flows to developing countries are destabilising currencies and threaten to end in a bust. The commodity markets are also subjected to speculation, with volatile fluctuations in prices. Capital controls at the domestic level and regulation of capital flows and commodity markets at the international level are both needed.