Trade, Money, and Finances
Proposals for a New World Governance
Political Oversight of the ICANN: A Briefing for the WSIS Summit
People-centered Global Governance: Making It Happen!
Civil Society Politics Manifesto
People’s Food Sovereignty Statement
Governance of the World Banana Trade
Kicking the Habit: The World Bank and the IMF Are Still Addicted to Attaching Economic-policy Conditions to Aid
Setting up an Arbitration Tribunal on Debt: An Alternative Solution?
Civil Society and the Legitimation of Global Governance
Campaign for People’s Goals for Sustainable Development
The IMF, the World Bank, and Respect of Human Rights
Nairobi World Parliamentary Forum Resolution
"Negative Growth": Rebirth of a Revolutionary Concept
A Bit Rich: Calculating the Real Value to Society of Different Professions
The Commons, the State and Transformative Politics
The Cosmopolitan State
Alternative World Water Forum
Fair Coop, the Earth cooperative for a fair economy
A Proposal for Governance in the Post 2011 World
Seven Leverage Points for the Passage from Economy to Œconomy
The Emergence of Global Administrative Law
The Future of Democratic Sovereignty and Transnational Law
After Copenhagen, Some Light on the Horizon
Henceforth, the Keys to the Future are Responsibility, Solidarity, and Courage
From Westernization to Globalization. A Brief History of Chinese Modernity
The Extraterritorial Scope of the International Covenant on Economic, Social and Cultural Rights (ICESCR)
Rethinking Global Governance
Now is the time to rediscover John Maynard Keynes’s revolutionary ideas for the organization of international trade and adapt them to re-balance finances in the world’s economies of the twenty-first century.
The economist John Maynard Keynes came to the postwar table with an innovative project for the future of world trade, which he called the International Trade Organization (ITO), supported by an international central bank, the International Clearing Union (ICU). The ICU was meant to issue a world currency for trade, the "bancor." Why the ITO and the ICU never materialized, and what would have changed if they had, is a sobering story from which we have a lot to learn.
It tells us that, in a rational world, it would be possible to build a trading system serving the needs of people in both the North and the South. With an ITO and an ICU, we could have had a world order in which no country could run a huge trade deficit (the US deficit stood at $716 billion in 2005) or the huge trade surplus of contemporary China.
Under such a system, crushing the third-world debt and the devastating structural-adjustment policies applied by the World Bank and the IMF would have been unthinkable, although the system would not have abolished capitalism. If we could resurrect Keynes’s concept, another world really might be possible: he figured out how to make it work more than 60 years ago. His plan would have to be dusted off and fine tuned, but its core remains relevant.