The Rights of the Child and the G20 Summit Sir Richard Jolly & Gabriele Köhler

Nineteen rich counties and the EU are preparing for the G20 Summit. What brought this group together initially was their GDP size and their concern with the 2007/2008 massive financial crisis. After a brief flirtation with Keynesian ideas about governments’ responsibility in economic crises, they now cohere in their (misguided) belief in neoliberal policy making. As we know, the austerity and deregulation policies adopted by the majority of the G20 governments are extremely harmful. Decent jobs that are paid properly and come with social security guarantees for incidents of illness or accident, and for old age, have been replaced by…

Finance Capital and the Nature of Capitalism in India Today C.P. Chandrasekhar

A distinctive feature of the current phase of capitalism is the growing role of finance capital as an instrument to establish capitalist hegemony and facilitate the appropriation of surplus. In the developed countries this transition towards financial hegemony was the result of the inflationary crisis and stagnation that affected the OECD countries after the late 1960s. The contractionary fiscal and monetary policy response to inflation intensified the deceleration in real growth. This together with the low real interest rates on bank deposits adversely affected banking business and profits. These developments triggered a process of deregulation and liberalisation in the financial…

The Neoliberal Counter-revolution in Retreat? Jomo Kwame Sundaram

The US Wall Street crash of 1929 was followed by the Great Depression, which in turn engendered two important policy responses in 1933 with lasting consequences for generations to come: President Franklin Roosevelt's New Deal and the Glass-Steagall Act. While massive spending following American entry into the Second World War was clearly decisive in ending the Depression and for the wartime boom, the New Deal clearly showed the way forward and would have succeeded if more public money had been deployed consistently to revive economic growth. Although Michal Kalecki and others had anticipated some of his work, it took a…

The G20: Overestimated and underperforming Drawing a balance of the G20 achievements four years after the crash Peter Wahl

This paper analyses the performance of the G20 since the Pittsburgh Summit. It is argued that financial reforms which were not deep enough, came too slow and too late and the geo-political reconfiguration of the international system are some of the reasons explaining the poor performance of the G20. It also discusses the issue whether the mandate of the G20 should be restricted to economic issues or be expanded for instance to environment and development. g20 (Download the full text in PDF format)

Banking FDI in Latin America: An Economic Coup Sukanya Bose

Since the mid-1990s, foreign direct investment into the banking industry in many emerging market economies has been growing at an unprecedented scale. The paper examines the consequences of this phenomenon on banking sector's efficiency, credit aggregates, and stability in the context of the Latin American economies. Banking_FDI (Download the full text in PDF format)  

FDI Flows into Japan: Changing Trends and Patterns Smitha Francis

This paper argues that the rising prominence of FDI inflows into Japan - a traditional top global outward investor, portends a significant element of the overall changes taking place in global FDI trends and has to be seen against the backdrop of the historically sweeping reforms in Japan's financial and corporate sector laws. The latter has been undertaken largely in response to the external pressures following the financial liberalisation-linked asset bubble burst and the subsequent protracted recession of the 1990s. The rising foreign participation suggests ownership changes in the domestic corporate and financial sector as well as changes in Japan's…

Structural Adjustment Program after Structural Adjustment Program, but why Still no Development in the Philippines? Joseph Y. Lim and Manuel F. Montes

In spite of reform policies that generally have conformed to worldwide norms of trade liberalization and deregulation, Philippine economic performance over the last 20 years has been an outlier in East Asia. Market-oriented economic reforms are incomplete, as they are in many other countries, but the Philippines’ poor economic performance is mostly a result of macroeconomic instability and low domestic savings, not inadequate reforms. structural_adjustment (Download the full text in PDF format)

The Democratic Deficit Jayati Ghosh

The latest Human Development Report (HDR) from the UNDP raises some important questions about true democracy and voice, but does not go far enough in identifying some of the major obstacles to democracy in the world today, or the means to achieve it. The Human Development Reports annually published by the UNDP, over the years, have tended to provide at least some kind of counterbalancing analysis to the oppressively neoliberal and often misleading publications of the World Bank and the IMF. They have also managed, each year, to identify a theme that is not just topical and relevant, but quite…

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