Trade, Money, and Finances
Regulating Transnational Companies: 46 Proposals
Setting up an Arbitration Tribunal on Debt: An Alternative Solution?
A More Secure World: Our Shared Responsibility
After Rio+20: What New World Governance Does the World Need?
Capitalism Has Failed: 5 Bold Ways to Build a New World
Alterglobalization, a Long-term Process Leading to Alternatives
Dictionary of World Power
Proposals for a Fair and Sustainable Economy
Final Declaration of the Sixth World Parliamentary Forum - Caracas 2006
Territories and Globalization: The Stakes of Development
A Bit Rich: Calculating the Real Value to Society of Different Professions
Building Consensus on Food Safety Programs among Consumer and Public Health Organizations
Winnowing Wheat from Chaff
The Commons, the State and Transformative Politics
The Cosmopolitan State
Post-2015: Global Action for an Inclusive and Sustainable Future
Contesting Global Governance. Multilateral Economic Institutions and Global Social Movements
For Climate Justice and a World Fit to Be Lived in
After Copenhagen, Some Light on the Horizon
Henceforth, the Keys to the Future are Responsibility, Solidarity, and Courage
The Armed Forces and World Governance
"Negative Growth": Rebirth of a Revolutionary Concept
The Challenge of Environmental Governance
FASE’s Commitment to a Sustainable and Democratic Amazonia
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.