Trade, Money, and Finances
3rd Dialogue Meeting between civil societies from China, Europe and South America
Rediscovering Nelson Mandela for the Twenty-first Century
Setting up an Arbitration Tribunal on Debt: An Alternative Solution?
China Sustainable Development Strategy Report 2011. Greening the Economic Transformation
A Bit Rich: Calculating the Real Value to Society of Different Professions
Political and Institutional Governance
Declaration of Nyéléni
“Guadalajara Declaration on the future of the city”. A Proposal
The IMF, the World Bank, and Respect of Human Rights
Campaign for People’s Goals for Sustainable Development
Nairobi World Parliamentary Forum Resolution
Oil slicks: An Ocean of Profits
Proposals for a New World Governance
What Amazonia Does the World Need?
Winnowing Wheat from Chaff
The Commons, the State and Transformative Politics
The Cosmopolitan State
Raising International Climate Finance
Persistent corruption in low-income countries requires global action
Non-state Actors and World Governance
Proposal for a Charter of Universal Responsibilities
Civil Society and the Legitimation of Global Governance
The UN Reform and the Alterglobalization Movement
Basic Food Income: Option or Obligation?
Can Civil Society Influence G8 Accountability?
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.