The impact of the ‘credit crunch’ and market turbulence is being felt globally. Financial globalization has risks as well as benefits.
Those who spend their working lives monitoring and trying to direct the world economy see the need for new ideas. The International Monetary Fund’s December quarter Finance & Development magazine has the startling title “Global Governance: Who's in Charge?”
You can find the online issue here. The IMF website will also take you to versions in French, Spanish and Russian.
The cover story, "Global Governance: New Players, New Rules," says the model used for much of the 20th century is out of date and explores what should be done to strengthen it. It urges the rationalization of relationships among sovereign states, updating existing multilateral institutions, and creating an effective oversight body. The magazine’s editor notes that the new global economic order features new regional and even global powers and says emerging market economies and developing countries must have a bigger say in decision making.
Related articles look at the U.S. subprime market crisis, the differences between financial crises of the 19th and 20th centuries and what future crises will look like, the need for a stronger system of multilateral trade, and how to handle global health threats.
The magazine’s "People in Economics" feature, with the headline “Harnessing Ideas to Idealism”, profiles Michael Kremer, a Harvard economist who has helped pioneer the creation of a new mechanism to boost the development of vaccines by securing advance promises to pay for them. Other articles examine development in Africa (“Africa's Missing Ingredients”), 'backcasting' (reconstructing) data in Latin America, the changing aid landscape and food prices and biofuels. The regular 'Country Focus' spotlights the United Arab Emirates.
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