Trade, Money, and Finances
Setting up an Arbitration Tribunal on Debt: An Alternative Solution?
Expanding and Reinforcing the Objectives of the Kyoto Protocol: Inciting International Stakeholders to Engage in Greenhouse-gas Transparency
Proposal Papers for the Rio+20 Peoples Summit
After Rio+20: What New World Governance Does the World Need?
Policy Paper on Education: Building the Future through Quality Education
Kicking the Habit: The World Bank and the IMF Are Still Addicted to Attaching Economic-policy Conditions to Aid
Thirty years of Habitat I: no more neoliberal model of cities!
Education International’s Response to the Global Monitoring Report 2006 on "Literacy for Life"
The IMF, the World Bank, and Respect of Human Rights
Nairobi World Parliamentary Forum Resolution
Campaign for People’s Goals for Sustainable Development
Videos on the Seminar "What Brazil and What Amazonia Does the World Need?"
A Global Pension Plan
What Amazonia Does the World Need?
Winnowing Wheat from Chaff
Alterglobalization, a Long-term Process Leading to Alternatives
Alternative World Water Forum
A War Hiding Another War
For a Democratic Cosmopolitarian Movement
Post-2015: Global Action for an Inclusive and Sustainable Future
The Challenge of Environmental Governance
Non-state Actors and World Governance
Governance of the World Banana Trade
The New Republic Will be Democratic and Socially Oriented
Political Parties and Global Democracy
Another System of International Relations
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.