Trade, Money, and Finances
For a World Citizen Movement
Raising International Climate Finance
3rd Dialogue Meeting between civil societies from China, Europe and South America
Oil slicks: An Ocean of Profits
Territories: Paradigm Shifts That Need to Be Made for the Transition
Alterglobalization, a Long-term Process Leading to Alternatives
Dictionary of World Power
The Extraterritorial Scope of the International Covenant on Economic, Social and Cultural Rights (ICESCR)
What Europe does the world need?
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
The Commons and World Governance
What Amazonia Does the World Need?
Post-2015: Global Action for an Inclusive and Sustainable Future
The One Party Planet
Call to Multiply the Village of Alternatives
Rio+20: Failed Diplomacy, Feeble Democracy
The Challenge of Environmental Governance
Proposal for a Charter of Universal Responsibilities
FASE’s Commitment to a Sustainable and Democratic Amazonia
Can Civil Society Influence G8 Accountability?
Setting up an Arbitration Tribunal on Debt: An Alternative Solution?
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.