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Rethinking International Finance for Development
Speaker: Professor KS Jomo, Assistant Secretary-General for Economic Development
United Nations Dept of Economics and Social Affairs (DESA)
Synopsis:
The 1944 Bretton Woods conference created new institutions for international economic governance. Though flawed, the system led to a golden age in postwar reconstruction, sustained economic growth, job creation, and postcolonial development. Yet financial liberalization since the 1970s has involved deregulation and globalization, which have exacerbated instability, rather than sustained growth. In addition, the failure of Bretton Woods to provide a reserve currency enabled the dollar to fill the void, which has contributed to periodic, massive U.S. trade deficits. Our latest global financial crisis, in which all these weaknesses played a part, underscores how urgently we must reform the international financial system. Such reforms must be developmental.
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A new G24 book contains chapters reviewing historical trends in global liquidity, financial flows to emerging markets, and the food crisis, identifying the systemic flaws that contributed to the recent downturn. They challenge the effectiveness of recent policy and suggest criteria for regulatory reform, keeping in mind the different circumstances, capacities, and capabilities of various economies. Essays follow ongoing revisions in international banking standards, the improved management of international capital flows, the critical role of the World Trade Organization in liberalizing and globalizing financial services, and the need for international tax cooperation. They also propose new global banking and reserve currency arrangements.
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About the Speaker
Jomo Kwame Sundaram (Jomo K. S.) has been Assistant Secretary-General for Economic Development in the United Nations' Department of Economic and Social Affairs (DESA) since January 2005, and (Honorary) Research Coordinator for the G24 Intergovernmental Group on International Monetary Affairs and Development since December 2006. In 2007, he was awarded the Wassily Leontief Prize for Advancing the Frontiers of Economic Thought. Jomo has authored over 35 monographs, edited over 50 books and translated 12 volumes besides writing many academic papers and articles for the media.
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Jomo was Professor in the Applied Economics Department Faculty of Economics and Administration University of Malaya until November 2004, Founder Director (1978-2004) of the Institute of Social Analysis (INSAN) and Founder Chair in 2001 of IDEAs, International Development Economics Associates ( www.ideaswebsite.org ) where he now serves on the Advisory Panel. He was also on the Board of the United Nations Research Institute on Social Development (UNRISD), Geneva (2002-2004). He is on the editorial boards of several learned journals. During 2008-2009, he served as member of the (Stiglitz) Commission of Experts of the President of the United Nations General Assembly on Reforms of the International Monetary and Financial System.
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