Trade, Money, and Finances
Expanding and Reinforcing the Objectives of the Kyoto Protocol: Inciting International Stakeholders to Engage in Greenhouse-gas Transparency
Political Oversight of the ICANN: A Briefing for the WSIS Summit
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The UN Reform and the Alterglobalization Movement
Assemblies emerging in Turkey: a lesson in democracy
Kicking the Habit: The World Bank and the IMF Are Still Addicted to Attaching Economic-policy Conditions to Aid
Declaration of Nyéléni
Setting up an Arbitration Tribunal on Debt: An Alternative Solution?
Campaign for People’s Goals for Sustainable Development
The IMF, the World Bank, and Respect of Human Rights
From Westernization to Globalization. A Brief History of Chinese Modernity
Dictionary of World Power
How to break out the system trap. A model to support conversations for a more strategic activism.
Alterglobalization, a Long-term Process Leading to Alternatives
The Commons, the State and Transformative Politics
FASE’s Commitment to a Sustainable and Democratic Amazonia
Capitalism Has Failed: 5 Bold Ways to Build a New World
Post-2015: Global Action for an Inclusive and Sustainable Future
What Europe does the world need?
The Future of Democratic Sovereignty and Transnational Law
Building Consensus on Food Safety Programs among Consumer and Public Health Organizations
Fourteen misconceptions about extraterritorial human rights obligations
The Extraterritorial Scope of the International Covenant on Economic, Social and Cultural Rights (ICESCR)
After Copenhagen, Some Light on the Horizon
Henceforth, the Keys to the Future are Responsibility, Solidarity, and Courage
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.