Trade, Money, and Finances
Expanding and Reinforcing the Objectives of the Kyoto Protocol: Inciting International Stakeholders to Engage in Greenhouse-gas Transparency
On the Road to a Citizens Assembly
People-centered Global Governance: Making It Happen!
A Bit Rich: Calculating the Real Value to Society of Different Professions
Decent Work as a Goal for the Global Economy
Preparing Rio+20 at the Thematic Social Forum: A Historical Opportunity
Final Declaration "Linking Alternatives 2"
What Europe does the world need?
People’s Food Sovereignty Statement
The IMF, the World Bank, and Respect of Human Rights
Setting up an Arbitration Tribunal on Debt: An Alternative Solution?
Nairobi World Parliamentary Forum Resolution
A Global Pension Plan
Dictionary of World Power
Final Declaration of the Sixth World Parliamentary Forum - Caracas 2006
Alternative World Water Forum
Oil slicks: An Ocean of Profits
Alterglobalization, a Long-term Process Leading to Alternatives
The Emergence of Global Administrative Law
Does Global Governance Ensure That the Global Public Interest Is Served?
Post-2015: Global Action for an Inclusive and Sustainable Future
After Rio+20: What New World Governance Does the World Need?
Moving Closer toward an International Standard on Corporate Social Responsibility
Rio+20: Failed Diplomacy, Feeble Democracy
Winnowing Wheat from Chaff
The Cosmopolitan State
The New Republic Will be Democratic and Socially Oriented
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.