Trade, Money, and Finances
Proposals for a New World Governance
Rediscovering Nelson Mandela for the Twenty-first Century
Rio+20 and Beyond. No Future without Justice
People’s Food Sovereignty Statement
Final Declaration of the Sixth World Parliamentary Forum - Caracas 2006
The IMF, the World Bank, and Respect of Human Rights
Nairobi World Parliamentary Forum Resolution
Campaign for People’s Goals for Sustainable Development
"Negative Growth": Rebirth of a Revolutionary Concept
From Westernization to Globalization. A Brief History of Chinese Modernity
Dictionary of World Power
The Commons, the State and Transformative Politics
FASE’s Commitment to a Sustainable and Democratic Amazonia
Oil slicks: An Ocean of Profits
Does Global Governance Ensure That the Global Public Interest Is Served?
Rio + ???
Persistent corruption in low-income countries requires global action
After Copenhagen, Some Light on the Horizon
Henceforth, the Keys to the Future are Responsibility, Solidarity, and Courage
Building Consensus on Food Safety Programs among Consumer and Public Health Organizations
The Emergence of Global Administrative Law
Do Space and Action Have to Be Contradictory? Toward an Inclusive WSF Strategy
The UN Reform and the Alterglobalization Movement
Basic Food Income: Option or Obligation?
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.