Trade, Money, and Finances
Setting up an Arbitration Tribunal on Debt: An Alternative Solution?
Proposals for a New World Governance
For a World Citizen Movement
Territories: Paradigm Shifts That Need to Be Made for the Transition
Transforming Capitalism: the Triple Crisis
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
Political and Institutional Governance
What Europe does the world need?
The IMF, the World Bank, and Respect of Human Rights
Campaign for People’s Goals for Sustainable Development
Nairobi World Parliamentary Forum Resolution
How to break out the system trap. A model to support conversations for a more strategic activism.
Persistent corruption in low-income countries requires global action
The Global Marshall Plan
The Commons, the State and Transformative Politics
The Cosmopolitan State
Alternative World Water Forum
Raising International Climate Finance
Does Global Governance Ensure That the Global Public Interest Is Served?
Fair Coop, the Earth cooperative for a fair economy
After Copenhagen, Some Light on the Horizon
Henceforth, the Keys to the Future are Responsibility, Solidarity, and Courage
For a Democratic Cosmopolitarian Movement
Oil slicks: An Ocean of Profits
Rethinking Global Governance
"Negative Growth": Rebirth of a Revolutionary Concept
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.