Trade, Money, and Finances
People-centered Global Governance: Making It Happen!
Setting up an Arbitration Tribunal on Debt: An Alternative Solution?
Final Declaration of the Sixth World Parliamentary Forum - Caracas 2006
After Rio+20: What New World Governance Does the World Need?
Oil slicks: An Ocean of Profits
“Guadalajara Declaration on the future of the city”. A Proposal
The Extraterritorial Scope of the International Covenant on Economic, Social and Cultural Rights (ICESCR)
Civil Society and the Legitimation of Global Governance
Campaign for People’s Goals for Sustainable Development
The IMF, the World Bank, and Respect of Human Rights
Nairobi World Parliamentary Forum Resolution
Proposals for a Fair and Sustainable Economy
The Global Marshall Plan
Persistent corruption in low-income countries requires global action
Alternative World Water Forum
FASE’s Commitment to a Sustainable and Democratic Amazonia
The Commons, the State and Transformative Politics
Rio+20 and Beyond. No Future without Justice
What Europe does the world need?
A Proposal for Governance in the Post 2011 World
The Armed Forces and World Governance
Regulating Transnational Companies: 46 Proposals
Moving Toward a New World Governance
The Right to Water as a Human Right
Another System of International Relations
Rethinking Global Governance
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.