Trade, Money, and Finances
Regulating Transnational Companies: 46 Proposals
A More Secure World: Our Shared Responsibility
Expanding and Reinforcing the Objectives of the Kyoto Protocol: Inciting International Stakeholders to Engage in Greenhouse-gas Transparency
Rethinking and Changing World Governance
China Sustainable Development Strategy Report 2011. Greening the Economic Transformation
Final Declaration of the Sixth World Parliamentary Forum - Caracas 2006
Kicking the Habit: The World Bank and the IMF Are Still Addicted to Attaching Economic-policy Conditions to Aid
What Europe does the world need?
Proposals for a Fair and Sustainable Economy
Setting up an Arbitration Tribunal on Debt: An Alternative Solution?
Campaign for People’s Goals for Sustainable Development
Nairobi World Parliamentary Forum Resolution
Proposals for a New World Governance
The Global Marshall Plan
From Westernization to Globalization. A Brief History of Chinese Modernity
Oil slicks: An Ocean of Profits
The Commons, the State and Transformative Politics
Alternative World Water Forum
Call to Multiply the Village of Alternatives
For a Democratic Cosmopolitarian Movement
Persistent corruption in low-income countries requires global action
The Emergence of Global Administrative Law
Civil Society and the Legitimation of Global Governance
Alterglobalization, a Long-term Process Leading to Alternatives
The Extraterritorial Scope of the International Covenant on Economic, Social and Cultural Rights (ICESCR)
The Right to Water as a Human Right
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.