This article has three main parts, Section 2 considers the nature and extent to which individuals who are well-off have a moral obligation to aid the worlds needy. Drawing on a pluralistic approach to morality, which includes consequentialist, virtue-based, and deontological elements, it is contended that most who are well-off should do much more than they do to aid the needy, and that they are open to serious moral criticism if they simply ignore the needy. Part one also focuses on (...) the United States, and illustrates both how incredibly wealthy the U.S. is and some of the spending habits of its citizens; however, its considerations apply to the well-off generally. Section 3 considers whether justice provides reasons for helping the needy. Noting that justice in an extremely complex notion, it discusses numerous considerations relevant to justices scope and implications, including an extended Rawlsian conception of justice, an absolute conception, a comparative conception, the distinction between natural and social justice, and various elements of common-sense morality. Section 2 also distinguishes between agent-relative justice-based reasons, which are relevant to whether we act justly, and agent-neutral justice-based reasons, which are relevant to whether we have reasons of justicefor acting. Correspondingly, it argues that even if one can ignore the needy without acting unjustly, as philosophers like Robert Nozick and Jan Narveson contend, there may be powerful reasons of justicefor addressing their plight. Section 4 briefly address the responsibilities of international organizations like the World Bank, the International Monetary Fund (IMF), and World Trade Organization (WTO). Drawing on Section 2, it is suggested that in addition to standard reasons to act justlytowards needy members of the worlds community, there will be reasons of justicefor such organizations to aid the needy in both present, and future, generations. The article concludes by contending that the well-off in countries like the U.S. have reason to view international organizations like the World Bank, IMF, and WTO as their agents, and to seek to insure that they alleviate misfortunes amongst the worlds needy. (shrink)

Neuroethics, in its modern form, investigates the impact of brain science in four basic dimensions: the self, social policy, practice and discourse. In this study, we analyzed a set of 461 peer-reviewed articles with neuroethics content, published by authors from 32 countries. We analyzed the data for: (1) trends in the development of international neuroethics over time, and (2) how challenges at the intersection of ethics and neuroscience are viewed in countries that are considered developed by International (...) class='Hi'>Monetary Fund (IMF) standards, and in those that are developing. Our results demonstrate a steady increase in global participation in neuroethics from 1989 to 2005, characterized by an increase in numbers of articles published specifically on neuroethics, journals publishing these articles, and countries contributing to the literature. The focus from all countries was on the practice of brain science and the amelioration of neurological disease. Indicators of technology creation and diffusion in developing countries were specifically correlated with increases in publications concerning policy implications of brain science. Neuroethics is an international endeavor and, as such, should be sensitive to the impact that context has on acceptance and use of technological innovation. (shrink)

Neuroethics, in its modern form, investigates the impact of brain science in four basic dimensions: the self, social policy, practice and discourse. In this study, we analyzed a set of 461 peer‐reviewed articles with neuroethics content, published by authors from 32 countries. We analyzed the data for: (1) trends in the development of international neuroethics over time, and (2) how challenges at the intersection of ethics and neuroscience are viewed in countries that are considered developed by International (...) class='Hi'>Monetary Fund (IMF) standards, and in those that are developing. Our results demonstrate a steady increase in global participation in neuroethics from 1989 to 2005, characterized by an increase in numbers of articles published specifically on neuroethics, journals publishing these articles, and countries contributing to the literature. The focus from all countries was on the practice of brain science and the amelioration of neurological disease. Indicators of technology creation and diffusion in developing countries were specifically correlated with increases in publications concerning policy implications of brain science. Neuroethics is an international endeavor and, as such, should be sensitive to the impact that context has on acceptance and use of technological innovation. (shrink)

The rise of “the rest,” especially China, has triggered an inevitable transformation of the so-called liberal international order. Rising powers have started to both challenge and push for the reform of existing multilateral institutions, such as the International Monetary Fund, and to create new ones, such as the Asian Infrastructure Investment Bank. The United States under the Trump administration, on the other hand, has retreated from the international institutions that the country once led or helped (...) to create, including the Trans-Pacific Partnership ; the Paris Agreement; the Iran nuclear deal; the Intermediate-Range Nuclear Forces Treaty; the United Nations Educational, Scientific and Cultural Organization ; and the United Nations Human Rights Council. The United States has also paralyzed the ability of the World Trade Organization to settle trade disputes by blocking the appointment of judges to its appellate body. Moreover, in May 2020, President Trump announced his decision to quit the Open Skies Treaty, an arms control regime designed to promote transparency among its members regarding military activities. During the past decade or so, both Russia and the United States have been dismantling multilateral arms control treaties one by one while engaging in new nuclear buildups at home. (shrink)

The marginal cost of public funds measures the loss incurred by society in raising additional revenues to finance government spending. The MCF has emerged as one of the most important concepts in public economics; it is a key component in evaluations of tax reforms, public expenditure programs, and other public policies. The Marginal Cost of Public Funds provides a unified treatment of the MCF, carefully developing its theoretical foundations in a variety of contexts and describing its application to a wide (...) range of policies--from excise taxes in Thailand to public sector borrowing in Canada and the United States. The Marginal Cost of Public Funds develops the basic theory of the MCF within the framework of public economics and shows how it is related to the traditional measures of the efficiency loss from distortionary taxation. The MCF concept is then applied to the major sources of revenues for governments--sales and excise taxes, taxes on labor income, taxes on the return to capital, public sector borrowing, and intergovernmental grants. This book will be an essential reference for economists and public policy analysts both in and out of government. Exercises and recommendations for further reading at the end of each main chapter highlight its usefulness as a supplementary text in advanced undergraduate or graduate courses in public economics.Bev Dahlby is Professor of Economics at the University of Alberta and a coauthor of Public Finance in Canada, second edition. He has served as a consultant for such organizations as the International Monetary Fund, the World Bank, and the Canadian government's Department of Finance. (shrink)

Reasons for the rapid appearance and growth of SWFs is contributed by increase in oil prices and the accumulation of large balance-of-payments surpluses. Purpose of the article is to investigate size of observed Sovereign Wealth Funds in 2013. Moreover, to describe what explain differences in the size of SWFs, on the other hand what determines the amount of foreign exchange reserves. Is the size of observed funds closely related to rate of growth of the countries? Is return of observed funds (...) is closely related to fund value bn USD, GDP growth and inflation rate of the country? Methodology/methods deployed in this paper has been done illustrations by using available data from official websites of funds, Sovereign Wealth Fund Institute, International Monetary Fund, CIA The World Factbook and author’s calculations due the fact that most of funds do not provide data to the public. In addition to this, we present the estimations by using regression analysis, transferring observed data using the least squares method, The two-sample t-test for mean value, ANOVA, TINV. Scientific aim is to examine whether AUM of SWFs, moreover the size of 14 observed funds is closely related to rate of growth of the countries at 90 percent of probability. Second, if return of 14 observed funds is closely related to fund value bn USD, GDP growth and inflation rate of the country at 95 percent of probability. Third, if there are significant differences between return in 2010 and 2013. Findings indicates that paper came to the conclusion that the return of 14 observed funds is closely related to fund value bn USD, GDP growth and inflation rate of the country at 95 percent of probability. Furthermore, there are significant differences between return in 2010 and 2013. Conclusions pointed out that the influence of SWFs has become undeniable, with total assets topping 6,585tn USD in June 2014, these investors have reached a size comparable to that of the entire alternative assets industry. (shrink)

Fundamentally, Roman economic history is the study of how and why inhabitants of the Roman world produced, distributed and exchanged goods and services. By understanding the economic actions, events, institutions and products of the Roman world, Roman economic historians come to understand better the Romans themselves: their motivations, values, relationships and identities, among other things. With such a broad remit, today's Roman economic and monetary historians not only scour traditional sources for evidence of Roman commerce, prices, labour, capital and (...) contracts, but they now deploy an ever-broadening range of methodologies, theories and approaches – some of which originate well outside the disciplines of both history and economics. Some Roman economic historians, for example, create, investigate and run simulations, using massive digital archives of data gleaned from ancient evidence. Others compare micro-nutrients in ancient wheat varieties with their modern counterparts to gain a better understanding of diet, nutrition and economic prosperity in Roman cities. Increasingly, specialists in some aspect of the Roman economy find themselves members of internationally funded interdisciplinary teams seeking to understand what Arctic ice cores or North-American tree rings say about money production in the Roman principate. Roman economic historians’ scholarly sprawl has never been more challenging to describe, but I believe it is possible to group recent developments in the field into three overlapping areas: digitisation, particularisation and consilience. (shrink)

Do states or individuals stand under duties of international justice to people who live elsewhere and to other states? How are we to assess the legitimacy of international institutions such as the International Monetary Fund and the United Nations Security Council? Should we support reforms of international institutions and how should we go about assessing alternative proposals of such reforms? The book brings together leading scholars of public international law, jurisprudence and international (...) relations, political philosophers and political theorists to explore the central notions of international legitimacy and global justice. The essays examine how these notions are related and how understanding the relationships will help us comparatively assess the validity of proposals for the reform of international institutions and public international law. (shrink)

The early twenty-first century will be remembered as a time of constant crisis. These crises have created repeated global states of emergency, revealing gaps, and inadequacies in social protection systems worldwide. Alongside these crises, and as a response to them, social protection has grown into a paradigm of global governance. This development is also noticeable in the practices of the World Bank and the International Monetary Fund. At the heart of all social protection policies is the protection (...) of vulnerable groups. Crises create new vulnerabilities and deteriorate the situation of those already vulnerable. The article explores the social protection endorsement of the World Bank and the International Monetary Fund through the financial crisis and the COVID-19 pandemic. It shows how crises have fueled their social protection endorsement, making protection of vulnerable groups a central outspoken policy preference. The article asks whether the policies adopted in response to the pandemic confirm their social protection commitment and what challenges remain. (shrink)

AbstractCorruption is one of the most intractable problems that the world is faced with and its reported impact is widespread and pervasive. Since the mid-1990s, international efforts to combat this problem expanded significantly, driven by the involvement governments, international financial institutions and non-governmental organisations. The objective of this article is to use Michel Foucault’s work in a critical analysis of the international fight against corruption. This analysis is centred on Foucault’s concept of governmentality, as well as his (...) notions of knowledge, power and ethics. The primary focus is on the role played by the World Bank, the International Monetary Fund and Transparency International in the proliferation of international anti-corruption discourse and practices. Furthermore, South Africa will be used as a case study to unpack the historical and contextual factors that play a role in the legitimisation of corruption. As will be shown in this assessment, without adequately understanding the local factors that stimulate corruption and the other societal characteristics that serve to compound its pervasiveness, internationally driven anti-corruption initiatives have limited scope for success. Corruption will persist where there is a lack of resonance between international anti-corruption ideals and local norms, values and ideologies. (shrink)

The current crisis of neoliberalism is calling into question the relevance of key international institutions. We analyze the origins, nature, and possible impacts of the crisis through comparing two such institutions: the International Monetary Fund (IMF) and the World Trade Organization (WTO). Both originated in the post-World War II U.S.-led hegemonic order and were transformed as part of the transition to global neoliberalism. We show that while the IMF and the WTO have been part of the (...) same hegemonic project, their distinct institutional features have put them on significantly different trajectories. Historical differences in the two institutions’ systems of rules have placed the IMF in a more vulnerable position than the WTO, which provides clues to the future contours of global economic governance. (shrink)

This paper extends the discussion of business ethics by examining the issue of corruption, its definition, the solutions being proposed for dealing with it, and the ethical perspectives underpinning these proposals. The paper’s findings are based on a review of association, think-tank, and academic reports, books, and papers dealing with the topic of corruption, as well as the pronouncements, websites, and position papers of a number of important global organizations active in the fight. These organizations include the World Bank, the (...) International Monetary Fund, the Organization for Economic Co-operation and Development, Transparency International, USAID, the United Nations, the International Chamber of Commerce, the Organization of American States, and the Council of Europe. Our discussion departs from prior analyses by adopting a Foucaultian theoretical framing and by incorporating insights found in the virtue ethics literature. Implications are provided for international business organizations. (shrink)

Many political theorists have turned to the dramatic political events of the post-9/11 world – terrorism, war, and the erosion of civil liberties – for insight into our changing sense of the political. Yet few have examined the economic dimensions of these events or sought to learn what they might tell us about the changing nature of political community today. This article seeks to fill this gap by drawing on the work of Michel Foucault and Georgio Agamben to examine the (...) intimate and changing relationship between the political and the economic in the contemporary world. Now more than ever, there is a particular conception of politics at stake in global efforts to govern economic relations. Global economic institutions like the IMF and World Bank are policing the definition of political community and, in doing so, extending the scope of liberal governmentality. At the same time, the character of their implementation and justification is that of the sovereign exception, as state autonomy must continually be breached through extensive conditionality in order for it to be re-established in the form of a more ‘sound’ political and economic order. This is a sovereign exception with a difference: for the norm that is being established is one that necessarily limits the scope of sovereign power in the interests of market freedom. Paradoxically, while the economy is often the exception to politics as usual, is it an exception that simultaneously enables and constrains the possibility of exercising sovereignty itself? (shrink)

This book presents a thorough and critical evaluation of the monetary and financial system prevalent in Western economies. Further, it seeks to explain why this system so often leads to financial crises and why they have been dealt with unsatisfactorily in the past. In order to provide answers to these questions, the book investigates the monetary and financial system from a multidisciplinary perspective, with a strong focus on the ethical value choices which throughout history have shaped the (...) class='Hi'>monetary and financial legal system. In the closing chapters, the book also advances a detailed proposal for a New Global Monetary Order, one based on altruism, as an alternative to the neoliberal values dominant today. (shrink)

United Nations (UN) leaders suggest that the world is not on track to meet the Sustainable Development Goals (SDGs) by 2030. The purpose of this paper is to explore whether the SDGs provide a valuable platform to call for a basic income (BI) globally. Adopting a critical historical studies approach, the article traces the evolution of ‘development’, including the UN decades of development, the Millennium Development Goals, and the SDGs. It subsequently describes the structural adjustment and poverty reduction efforts by (...) the World Bank and International Monetary Fund, and then outlines why the SDG framework may be helpful in advancing a BI. We argue that as climate-related disasters increase, a BI will be vital in providing a modicum of security in an increasingly unstable world. Calls for BI must be anchored to a broader change agenda that recognizes the causes of poverty and income inequality, and seeks their dismantling and redress. (shrink)

ABSTRACT This paper combines insights from Deictic Space Theory and Conceptual Metaphor Theory to analyze the Tunisian President’s inaugural speech following his victory in the October 2019 elections. Detailed critical discourse analysis of the deictic exponents and the metaphorical image schemas employed in the text showed a Manichean opposition between the pure/good people versus the corrupt/evil ‘elites’, nostalgia to a pristine revolutionary moment, a pan-Arab discourse which anchors the Israeli-Palestinian conflict close to the local geography and a radical form of (...) populism, which grounds sovereignty within a transcendent theocratic cosmology. It is suggested that the upsurge of populism in Tunisian politics could be explained by the disenchantment with the deficient and rather ‘fake’ Islamo-nationalist consensus politics, the inappropriate neoliberal policies imposed by fund-raising bodies like the International Monetary Fund and the World Bank as well as the fragmentation, if not total erosion, of viable public spaces for rational deliberation and decision-making processes as a result of the ‘digital era.’. (shrink)

The book begins with an overview of globalization, showing how wealth and power are concentrated in the hands of a transnational elite while ever increasing numbers of people are being marginalised. Institutions such as the World Trade Organisation and the International Monetary Fund are intent upon exercising a new hegemony over individuals as the role of the traditional nation state is transformed. At the centre of this power shift is a group of high-tech robber barons who dominate (...) the Information Age and exploit the technologies of globalization for their own narrow interests. The second part of the book explores the rise of the new grass roots oppositional movements around the world. Manifest in such diverse struggles as the uprising of the Zapatistas in Mexico and the battle of Seattle against the World Trade Organisation, this new postmodern politics is "de-centred" and has little interest in the old ideologies that dominated much of the twentieth century. The final section of the book contextualizes postmodern politics by drawing on contemporary examples. The authors discuss the demise of socialist and proto-socialist experiments in Chile, Grenada, Nicaragua and Cuba and the emergence of postmodern movements in Latin America. The final two chapters take a specific look at the Zapatista movement and its significance for revolutionary struggles around the world. (shrink)

So far, most ethical consumerism research has been contained within Western countries, thus limiting our understanding of the concept in emerging markets. Given the call for extending empirical-based knowledge for a better understanding of peculiarities, dynamics and country-level variations (i.e. social, cultural) in the context of ethical consumerism in emerging markets, this research cross-examines the interactive nature of individual- and country-level predictors of ethical consumerism in emerging and developed markets, employing a multilevel approach. At the individual level, we posit that (...) ethical consumerism is motivated by social and cultural capital. In contrast, at the contextual level, we choose country-level affluence as an influential factor that might impact the relationship between socio-cultural capital and ethical consumerism. The study uses the International Social Survey Programme’s (ISSP) 2014 citizenship module data set (including 34 countries) for investigating individual-level predictors (of social and cultural capital). The GDP per capita data from the International Monetary Fund’s (IMF) Economic Outlook database was used to examine the cross-level interactions between individual-level predictors and country-level affluence. The findings suggest that social and cultural capitals positively influence ethical consumerism in emerging and developed markets. Further, country-level affluence moderates the relationship between socio-cultural capital and ethical consumerism for both markets. However, cultural capital proved to be a stronger predictor of ethical consumerism as country-level affluence increases. The research findings highlight meaningful cross-country-level interactions that help further understand the basis of ethical consumerism from a global perspective. (shrink)

Does the fact that my actions cause someone to lack access to the objects of her human rights make me a human rights violator? Is behaving in such a way that we deprive someone of access to the objects of her human rights even when we could have avoided behaving in such a way, sufficient to maintain that we have violated her human rights? When an affluent country pursues domestic policies that will foreseeably cause massive deprivation abroad in order to (...) improve its already prosperous economy, has this country violated the human rights of the very poor just by doing so? If international organizations such as the International Monetary Fund and the World Trade Organization pursue policies that lead to an increase in the global poverty rate, are such organizations human rights violators? Can an individual undertaking certain actions in the market place that render insecure the access of the worst-off to the objects of their human rights be blamed for violating their rights?In this article I discuss the thesis that claims that whenever we cause, or contribute to the cause of, someone else's lack of access to the objects of her human rights, we are human rights violators. I contend that this thesis, which seems to underpin the arguments of many cosmopolitan authors taking part of the global justice debate, is mistaken. In order to achieve this end, I analyze several alternative formulations of the causal thesis. My conclusion is that before it can be said that an agent has violated someone else's human rights, it has to be proven that this agent has caused, or contributed to the cause of, a state of affairs where someone lacks access to the object of some of her human rights, by infringing a duty not to do so. Furthermore, I maintain that this must be a perfect, as opposed to an imperfect, duty. (shrink)

Starting from the analysis of Marx’s Chapter 26 of the first volume of Capital, this article describes Marxian emphasis on the extremely violent aspects—a list of the main cases is also provided—of the so-called “enclosures” as fundamental procedures that favored the “primitive accumulation”, that is, the first social and economic step that led to capitalism. The “enclosures” that characterized the primitive accumulation process, violently expropriating peasants, razing their cottages and dwellings, are illustrated in detail. At the same time, we will (...) describe what we call the “moral bubble”, created by the narratives—morally edifying—about enclosures, only devoted to the emphasis on the positive economic and social outcomes: the moral bubble acts as a powerful conceptual device capable of concealing the violence that accompanies enclosures. The second part of the article stresses the fact that the mechanism of enclosures can be traced back not only to violently expropriating common lands in which the peasants flourished but also to the violent processes against women to have them basically reduced to machines for the production of new workers, in the framework of the new “patriarchy of the wage”. The importance of the so-called “new enclosures” is further delineated after having shown how enclosures express the historical and general tendency of capitalistic accumulation and not only of the primitive one. The violent aspects of primitive accumulation, and so of primitive enclosures, are described as the main characters of every phase of the recent capitalist globalization, marked by continuous and unprecedented assault on the commons, perpetrated by the World Bank, the International Monetary Fund, coronavirus lockdown and, currently, also by the paradoxical economic effects of the interplay between the green era and Ukraine war–global food and energy crisis. Finally, the last section provides insight on what we called the “terminal enclosure” related to the aggression of the ultimate common good: water. (shrink)

The only truly surprising thing about the 2008 financial meltdown is how easily the idea was accepted that its happening was unpredictable. Recall the demonstrations that throughout the last decade regularly accompanied meetings of the International Monetary Fund and the World Bank: the protesters’ complaints encompassed not only the usual antiglobalization motifs but also how the banks were creating the illusion of growth by playing with fictional money and how this would all have to end in a (...) crash. It was not only economists such as Paul Krugman and Joseph Stiglitz who warned of the dangers ahead and made it clear that those who promised continuous growth did not really understand what was going on under their noses. In Washington in 2000, so many people demonstrated about the danger of a financial collapse that the city had to mobilize 3,500 local policemen. What ensued was tear–gassing, clubbing, and mass arrests. The police were used to stifle the truth. (shrink)

At present, Third World countries owe over one trillion dollars to the developed Western nations; much of the debt is held by the leading international commercial banks. The debt of six Latin American countries alone — Argentina, Brazil, Chile, Mexico, Peru, and Venezuela — is over $330 billion, of which $240 billion is owed to commercial banks. Let us immediately narrow our focus to loans made by the major international commercial banks to Third World governments. We shall not (...) be concerned with government-to-government loans, or private-party-to-private-party loans, or with debt owed to the World Bank or the International Monetary Fund. The bank-to-government loans — the so-called “sovereign loans” — are the most economically troublesome and morally interesting. The largest lenders, at least with respect to the Latin American countries, are the American banks Citibank, Chase Manhattan, Bank of America, Manufacturers Hanover, and Chemical Bank. About fifteen Third World countries have serious debt problems, including the largest: Brazil, Mexico, and Argentina. (shrink)

In examining how reform-leading supranational institutions respond to public criticism, this article advances current theory on their institutional accountability mechanisms and extends research on this topic by focusing on their responses to public criticism of alleged reform failures. We consider the case of the International Monetary Fund’s (IMF’s) involvement in the Greek economic crisis, as the structural adjustment reforms it imposed to stabilize the economy. We show how these controversial and, by many accounts, failed policies have profoundly (...) impacted the well-being of the recipient country by reducing social cohesion and impoverishing the most vulnerable groups. In explaining the IMF’s institutional response mechanism for fending off such criticism, we offer moral regulatory appropriation (MRA) as a processual framework and present the IMF’s organizing logic of institutional legitimation processes in four domains of action: agentic mission, reform policies, institutional policy negotiations, and moral appropriation. We argue that this enables institutions to maintain moral legitimacy despite evidence of their reforms’ policy failure and various negative consequences for their populations. The proposed framework has theoretical implications for conceptualizing the rhetorical deployment of moral legitimation to secure and defend institutional accountability. We also highlight the limitations and boundaries of such an approach by the IMF and similar reform-leading institutions. (shrink)

With a focus on the social and political conjuncture in Greece following interventions by the troika of the International Monetary Fund, European Union, and European Central Bank, as well as with an analysis of historical trends in Greek capitalism, the end of the Metapolitefsi period, and the rise in authoritarian statism, I argue for a revival of Marxist state theory in understanding the current global crisis. I identify this moment in Greece as a battle for hegemony between (...) the dominant narratives of disaster that perpetuate the vicious cycle of debt-and-austerity and an alternative, radical narrative of here-and-now. (shrink)

This syllabus engages dialogue about indigenous philosophical ideas and issues that frame contemporary global indigenous thought, perspective, and worldview. We explore how presuppositions of indigenous philosophy, including epistemology (how/what we know), metaphysics (what is), science (stories), and ethics (practices), affect global research programs, intellectual cultural property, economic policies, ecology, biodiversity, taxonomy, health, housing, food, employment, economic sustainability, peace negotiations, climate justice, human/treaty rights, colonial law, refugees and incarceration, self-determination, sovereignty, nation building, and digital information. Readings provide an understanding of traditional (...) and contemporary indigenous philosophical frameworks of interpretation, developments of the 1994-2004 United Nations Decade of Indigenous Peoples, the UN Permanent Forum of Indigenous Peoples, and the recent Indigenous Conference in Cancun (philosophical importance of the World Trade Organization [WTO], the World Bank [WB], the International Monetary Fund [IMF], and NAFTA). (shrink)

Good governance, first appeared in the nineties within the United Nations, the World Bank and International Monetary Fund refers to describe how public organizations best conduct public affairs and deliver public goods and services. Today, about three decades later good governance seems to be still popular since there are still many challenges ahead for many governments especially in less-developed and developing countries. Hence the notion of good governance was emerged as a normative commencement of the principles, values (...) and ethics to realise the acts of governance. Some thoughts on good governance and related topics advocated by three great ancient philosophers, who appear to be relevant at the present time are considered herein. One of the said philosophers is Kautilya (also known as Chanakya and Vishnugupta), who lived in India around 150AD. The others are the two great Greek philosophers Plato (427- 347BC) and Aristotle (384-322 BC), who stand with Socrates as the shapers of the whole intellectual tradition of the West. The thoughts are extracted from that detailed manual of state-craft and the science of living known as the Arthashastra written by one of classical India’s greatest minds Kautilya, Plato’s great work known as ‘The Republic’ and Aristotle’s treatise titled ‘The Politics”. The objective of this paper is to study the thoughts of ancient Greek philosophers who lived many centuries ago and their ideas are still relevant today. (shrink)

This article argues that the key crisis that has overtaken today’s global economy is the classical capitalist crisis of over-accumulation. Reaganism and structural adjustment were efforts to overcome this crisis in the 1980s, with little success, followed by globalization in the 1990s. The Clinton administration embraced globalization as the “Grand Strategy” of the United States, its two key prongs being the accelerated integration of markets and production by transnational corporations and the creation of a multilateral system of global governance, the (...) pillars of which were the World Trade Organization, the International Monetary Fund and the World Bank. The goal of creating a functionally integrated global economy, however, stalled, and the multilateral system began to unravel,thanks among other things to the multiple crises created by the globalization of finance, which was the main trend of the period. In response partly to these crises, partly to increasing competition with traditionally subservient centre economies, and partly to political resistance in the South, Washington under the Bush administration has retreated from the globalist project, adopting a nationalist strategy consisting of disciplining the South through unilateralist military adventures, reverting to methods of primitive accumulation in exploiting the developing world, and making other centre economies bear the brunt of global adjustments necessitated by the crisis of over-accumulation. (shrink)

This article argues that the key crisis that has overtaken today’s global economy is the classical capitalist crisis of over-accumulation. Reaganism and structural adjustment were efforts to overcome this crisis in the 1980s, with little success, followed by globalization in the 1990s. The Clinton administration embraced globalization as the “Grand Strategy” of the United States, its two key prongs being the accelerated integration of markets and production by transnational corporations and the creation of a multilateral system of global governance, the (...) pillars of which were the World Trade Organization, the International Monetary Fund and the World Bank. The goal of creating a functionally integrated global economy, however, stalled, and the multilateral system began to unravel,thanks among other things to the multiple crises created by the globalization of finance, which was the main trend of the period. In response partly to these crises, partly to increasing competition with traditionally subservient centre economies, and partly to political resistance in the South, Washington under the Bush administration has retreated from the globalist project, adopting a nationalist strategy consisting of disciplining the South through unilateralist military adventures, reverting to methods of primitive accumulation in exploiting the developing world, and making other centre economies bear the brunt of global adjustments necessitated by the crisis of over-accumulation. (shrink)

The article discusses the determinants of fiscal policy in the times of COVID-19. Most economists share the opinion that fiscal packages are necessary to mitigate the health and economic costs of a pandemic. However, the scale of fiscal intervention and the types of fiscal policy instruments that should be used raise doubts. The aim of the article is to explore the factors determining the size and structure of fiscal packages which have been implemented globally in response to the crisis caused (...) by the COVID-19 pandemic. In addition, attention is drawn to the potential impact of fiscal intervention on public finance sustainability, bearing in mind that most governments have chosen to use fiscal support instruments to enhance consumption and investment following the COVID-19 hit, although the cross-country differences are evident both in the magnitude and composition of fiscal stimulus packages. A descriptive analysis was conducted along with a panel data analysis to examine the determinants of government fiscal support in response to the COVID-19 crisis. The empirical analysis is based on cross-sectional data from the International Monetary Fund, OECD and Eurostat. The sample consists of 40 countries representing advanced and emerging economies. Based on the panel analysis, it was found that the total fiscal stimulus packages depended mainly on the fiscal space. Fiscal intervention in countries with greater tax-collection capacity (such as Germany, United States, United Kingdom and Japan) was greater compared to others. A positive and statistically significant relationship between the average income level and the size of fiscal stimulus was also confirmed. Moreover, it turned out that countries with larger populations and higher fatality rates provided greater fiscal support for the COVID-19 pandemic.The empirical analysis expands the existing knowledge on the determinants of the fiscal policy implemented in response to the COVID-19 crisis under the conditions of low interest rates, when macroeconomic stabilization can only be ensured through fiscal stimulus programs. (shrink)

Atish R. Ghosh is Chief of the Policy Review Division of the Policy Development and Review Department of the International Monetary Fund.

The prime objective of this study is to discuss the economic impact of the COVID-19 crisis concerning Pakistan and globally across South Asian developing countries. It also demonstrates those economic indicators through which the economic performance of the countries is influenced considering the prospective global economic costs of COVID-19 under different scenarios. The study systematically reviewed the literature on historical pandemic crises and the most recent Covid-19 fallout economic disorder in South Asian countries. Considering the history of human civilization, there (...) are varied instances of severe epidemics that are caused by numerous viruses. It is observed that the prevailing outbreak of COVID-19 has eventually affected large scale manufacturing, service sectors and arose supply side constraint to an extent. On the contrary, GDP and consumption declined sharply. Furthermore, sudden loss of service sector jobs and the rise in food prices have created an economic crisis for developing countries of South Asia. The study attempts to discuss the policy responses given by the World Bank, International Monetary Fund, Asian Development Bank, The State Bank of Pakistan, and the Ministry of finance, Pakistan encountered due to the deteriorating international environment, fiscal stress, and difficulties in financial liquidity markets and provides relevant policies for the better prospect of Pakistan's economy after comparing it with other South Asian countries affected by this pandemic vulnerabilities. (shrink)

This paper focuses on how African national leaders can make global democracy relevant to sustainable development in Africa. Seeing the problem of sustainable development in Africa from the structural and functional angles, this paper begins with an introduction and a clarification of terms such as ‘democracy’, ‘globalization’ and ‘development’. It then analyzes the underlying foundations of global democracy and its implications to cultures of the African peoples. This paper tries to place the impact of global democracy on Africa in perspectives (...) by weighing the pros and cons of global democracy. Tracing the genesis of functional and developmental problems in the post-colonial Africa to structural problems occasioned by Africa’s colonial experience, this paper however strongly contends that the main problem militating against sustainable development in the post-colonial Africa is bad politics and mismanagement of national resources. African peoples need to be taught that some of the African national leaders are responsible for the bad condition of underdevelopment in the global period because of bad political governance ranging from the inability of African leaders to calculate all the relevant factors in the making of their policies as well as failing to provide effective technologies and competent staff to deal with rigging of elections and other electoral problems in addition to corruption and mismanagement of public funds. There is no way for the African nations to survive without production of goods and services in terms of farming, agriculture and diversification of their revenue base. National leaders of the various African nations cannot avoid policies that enable the industrialization of African nations through the provision of the basic infrastructures and viable amenities for social, economic, and political development. They should however be wary of debt traps of International Monetary Fund and World Bank because borrowing nations are often given difficult conditions that often make it difficult for them to obtain the desired benefits in terms of sustainable development. The study recommends that for sustainable development to take place in Africa there is need for national leaders to embrace good political governance that places the people at the centre of development to be manifested in guileless electoral process and effective management of the resources. This paper contends that the realization of sustainable development in African nations requires moral, political, and economic integration. It concludes with perspectives for further research on the issue. (shrink)

In lieu of an abstract, here is a brief excerpt of the content:Reviewed by:Catholic Social Teaching and Economic Globalization: The Quest for AlternativesAmy LevadCatholic Social Teaching and Economic Globalization: The Quest for Alternatives John Sniegocki Milwaukee, Wis.: Marquette University Press, 2009. 335 pp. $37.00.John Sniegocki’s dense volume argues for rethinking development policies in light of widespread poverty, inequality, and environmental degradation that have resulted from these policies over the last century. This argument does not mark Sniegocki’s text as particularly original. (...) However, the dialogue that he constructs between Catholic social teaching (CST) and three schools of thought on development, which he describes as “neoconservative,” “radical,” and “grassroots” views, provides a compelling argument for new directions for both CST and economic globalization.Sniegocki’s book begins with three chapters that provide an overview of development theory (beginning with calls for “modernization” of the “Third World” beginning in the 1950s), examine failures of this theory in practice, and discuss the growth of CST concerning development. While these chapters provide important groundwork for understanding the context of Sniegocki’s argument, the heart of the argument comes in the fourth chapter, where he places CST in dialogue with neoconservative and radical approaches to development (represented, respectively, by Michael Novak [End Page 209] and Mary Hobgood). Neoconservatism is clearly incompatible with CST, as any denial of structural inequality or whole-hearted embrace of capitalism— even “democratic capitalism”—would be. However, radical approaches maintain that CST does not sever itself completely from the economic liberalism that underlies neoconservatism. As a result, even when CST recognizes the pitfalls of capitalism and the realities of structural injustice, it still often resorts to liberal assumptions. Radicals maintain that if CST were more consistent, it would more adamantly call for social struggle resulting in “democratic socialism.”Sniegocki finds resources for CST in radicalism but also introduces a third perspective from grassroots critics of development, exemplified by Vandana Shiva. These critics question whether “development equals Westernization via industrialization” (242, quoting Herb Addo), as maintained by both neoconservatives and radicals; they instead call for revitalization of local economies and traditional cultures. Sniegocki concludes that this vision could enhance CST in several ways: resolving the tension in CST between modernization and respect for local cultures, improving its framework for understanding ecological issues, encouraging recognition of grassroots action and social struggle for change, and attending to the role of women in economic and social processes. In the two concluding chapters, Sniegocki proposes that radical and grassroots perspectives together provide a basis for critiquing neoconservatism and improving CST.At least two issues deserve more attention in Sniegocki’s text. First, the principle of subsidiarity, “which asserts that issues should be dealt with at the most decentralized level appropriate to the issue at hand” (121), would seem to offer a strong grounding in CST for many grassroots arguments, yet Sniegocki gives this principle little attention. Second, Sniegocki criticizes the decision-making practices within many international development organizations, such as the International Monetary Fund (IMF), the World Bank (WB), and the World Trade Organization (WTO), for suppressing democratic participation. In many ways, this critique could also be leveled against the Roman Catholic hierarchy. Could deficiencies of CST concerning development be an outgrowth of the decision-making practices of the hierarchy, just as problems with IMF, WB, and WTO policies are an outgrowth of their decision-making practices? Sniegocki seems to recognize this possibility in a single sentence: “The resurgence within the Catholic Church in recent years of more top-down, centralized, and secretive ecclesiastical practices, while the church at the same time recommends to the broader world the importance of grassroots participation, dialogue, and human rights, makes ongoing attention to these issues especially urgent” (331). Although this sentence touches on an important question, Sniegocki leaves it here. It seems that addressing this question, however, may be crucial for [End Page 210] bringing about the enhancement of CST by radical and grassroots views that Sniegocki envisions.Amy LevadUniversity of St. Thomas St. Paul, MinnesotaCopyright © 2012 Society of Christian Ethics... (shrink)

Many developing and transitional countries have grown faster than advanced countries in the past decade, resulting in a shift in the distribution of world income in their favor. China is now the second largest economy in the world, behind the United States and ahead of Japan. As the relative economic weight of China and several others has come to match or exceed that of the middle-ranking G7 economies, the world economy has shifted from “unipolar” toward “multipolar,” less dominated by the (...) G7. How is this change being translated into changes in authority and influence within multilateral organizations like the G20, the World Bank, and the International Monetary Fund? Alarm bells are ringing in G7 capitals about G7 loss of influence. According to a WikiLeaks cable from the senior U.S. official for the G20 process, from January 2010, “It is remarkable how closely coordinated the BASIC group of countries [Brazil, South Africa, India, China] have become in international fora, taking turns to impede US/eu initiatives and playing the US and EU off against each other.” This essay suggests that the shift in power is much smaller than the headlines or private alarm bells suggest. The United States remains the dominant state, and the G7 states together continue to exercise primacy, but now more fearfully and defensively. China is split between asserting itself as “the wave of the future” and defending itself as too poor to take on global responsibilities. The combination of G7 defensiveness and emerging states’ jealous guarding of sovereignty produces a spirit of Westphalian assertion in international fora, or “every state for itself.” On the assumption that the world economy is in a transitional period, the article suggests reforms in the G20 and the World Bank that would boost their role and legitimacy as multilateral organizations in a more multipolar world. (shrink)

Between 1987 and 1997, Thailand experienced a bubble economy. When the bubble economy exploded in 1997, the country suddenly experienced an economic crisis: it was in heavy debt and became financially controlled by the International Monetary Fund (IMF). The problem was caused by the country’s desire to rapidly change itself from an agricultural country to an industrial one, without considering its own comparative advantage in that its climate and resources are more suitable for agriculture. Thailand also wanted (...) to become a newly industrialized country and a inancial hub of Southeast Asia without considering its readiness. These ideas came to a halt after the bubble economy explosion. However, just after Thailand managed to solve its debt problem with the IMF, thegovernment once again declared its desire to turn the country into the ‘Detroit of Asia’, to develop the capital, Bangkok, into the region’s fashion hub and to launch a substantial number of mega-projects, albeit with the existence of a widening economic gap between the rural and urban areas. This economic trend became known as “Thaksinomics” with reference to the name of the Prime Minister at that time, Thaksin Shinawatra. On the other hand, there has been a great deal of criticism of such a trend, which has been seen as a capitalist move promoting the consumerist behaviour of Thai people. There is, therefore, a call for Thai society to review itself, especially in its social and economic development aspects, and a change to a new kind of development with an emphasis on self-reliance andmoderation. This call is based on a Buddhist belief which is reflected in the old Thai way of life. This kind of economy is called “Self-Sufficiency Economy” as opposed to a capitalist-consumerist economy. It is believed that this new direction will help lay a strong foundation for the Thai economy and provide it with a high level of immunity for progress towards a more stable and sustainable economy. (shrink)

In 1976, Edward L. Robertson was part of a panel that discussed the overarching topic of Computers in Developing Nations. At the time, computers were slowly being introduced into mainstream society and thoughts of access or even use was the focus of many discussions. Today, not only has computers and its associated technology evolved but so too has the descriptor "developing nations". Since 1976, computers have moved from being desktops, to being portable and hand-held, thus becoming extremely accessible to the (...) general public. In the same vein, the classification of a country's development has since been modified to include another category --- the emerging market. This newly defined category delineates nations that have rapidly growing societies or business markets from those that are still slowly growing. The participants' contributing to this article are all from countries that are identified by the International Monetary Fund as being either an emerging market or a developing country. Another Non-Governmental Organization, the World Bank only recognizes Oman as being a developed country. To follow the [previous] panels' discussion on the importance of computers in developing nations some questions were revisited and new ones were introduced to provide an up-to-date view of computers as seen by specific countries. (shrink)

In this article I want to consider whether the authority of the United States to enter into treaties in a global environment is limited by constitutional constraints. The issue arises because a reasonable interpretation of the language of Article VI would place the treaty power on the same status-footing as the Constitution of the United States. But if that is the case, then presumably a treaty might be designed that could delegate constitutional powers to bodies like the United Nations, the (...) North Atlantic Treaty Organization (“NATO”), the International Monetary Fund, the World Trade Organization (“WTO”), or other international organizations. Or, a treaty might be designed to reserve particular constitutional rights – like the Sixth Amendment right to trial by jury in criminal cases – from operating within certain contexts as might concern areas over which the United States exercises territorial jurisdiction, for example, Guam, Puerto Rico, and in other contexts where only international agreements apply. (shrink)

The aim of the study is to assess current trends, regularities and contradictions in the Marxist critique of neoliberal capitalism. The methodology of the study is built on a comparative analysis of the latest scientific works, an approach based on quantitative analysis of the global neoliberal development in the period 1980–2020. For the analysis this authors used the data of the World Bank and the International Monetary Fund(IMF) on the group of ‘Big Seven’ countries – Canada, France, (...) Germany, Italy, Japan, United Kingdom, the United States and China. A comparative analysis shows a significant lag in the countries with a neoliberal model of global economic growth. It can be argued that the neoliberal model of economic development proved effective at the initial stage of its practical application in overcoming the inflationary shock caused by the oil crisis of the 1970s, as well as in the conditions of highly competitive industrial production. At the same time, in the context of the post-industrial formation of the digital economy, neoliberal ideology no longer meets the challenges of the times and is no longer able to support sustainable economic growth as well as prosperity. (shrink)

Globalism makes news every day, yet world trade is hardly greater today than 30 years ago; it is the movement of capital that is far greater now, thanks to technology. The irresistible force for one world is not the United Nations, ever an arena for the contest of national interests, but money, particularly the United States dollar, which is an unofficial world currency, often with more influence than U.S. foreign policy. One of the results of monetary globalism is to (...) make national reserve and international banks all the more important. National central banks, like the United States Federal Reserve, make monetary policy. Together with international institutions like the World Bank and the International Monetary Fund, reserve banks have always been among the most important public institutions on the world stage, yet they are seldom examined as public institutions (Knott 1986). All references to banks and bankers in these pages are to central and international banks unless otherwise stated. (shrink)

Governing the World: The History of an Idea, Mark Mazower , 496 pp., $29.95 cloth, $18 paper.Divided Nations: Why Global Governance Is Failing and What We Can Do About It, Ian Goldin , 200 pp., $21.95 cloth, $15 paper.The Great Convergence: Asia, the West, and the Logic of One World, Kishore Mahbubani , 328 pp., $26.99 cloth, $16.99 paper.As of 2007 the world economy has been caught in the worst crisis since the 1930s. Yet after two years of only partly (...) successful efforts to mobilize and coordinate global action of financial control and stimulus, ending with the G-20 meeting of March 2009, responsibility for corrective economic initiatives has essentially been left to individual countries, supported by the International Monetary Fund and the European Union . Moreover, such support has been usually conditional on countries following financial policies of tough austerity. The United States took some actions to stimulate its economy, but by many accounts these were insufficient. Most of Europe has not even attempted stimulus measures and has been in a period of economic stagnation, with falling real incomes among the poorest parts of the population. Although some signs of “recovery” have been heralded in 2013 and 2014, growth has mostly been measured from a lower base. There is little evidence of broad-based economic recovery, let alone improvements in the situation of the poor or even of the middle-income groups. (shrink)

The COVID-19 pandemic is global and affects all countries in the world. The difference in the financial impact assessment of its outbreak concerns, inter alia, the state of preparation of the public sector in the previous period. The article assumes that countries which coordinated the structure of sovereign assets and liabilities before 2020 were less exposed to the negative effects of financial risks resulting from the COVID-19 pandemic. The study uses data and methodology of the International Monetary (...) class='Hi'>Fund and the authors’ measures dedicated to the public sector to assess the sovereign asset and liability management (SALM). As part of the results, the negative value of net worth and the national net welfare index for the studied countries, including Poland in the period before the pandemic crisis, were indicated. In addition, the level of the loans mismatch on the public balance sheet and the scale of the increase in financial risk in the first year of COVID-19 are presented. Conclusions of research make it possible to assess the impact of COVID-19 on Sovereign Asset and Liability Management. (shrink)

With growing globalization, the governments of many countries are tending to place a disproportionately large emphasis on economy, which often results in budget cuts in health, education and social welfare. Such a tendency has provoked arguments by many individuals concerned. The neo-conservatism represented by ex-US President Reagan and ex-UK Prime Minister Thatcher in the 1980s, known as Reaganomics and Thatcherism, caused public funds for health care and education to be substantially reduced. In developing countries a so-called structural adjustment policy, promoted (...) by the World Bank and the International Monetary Fund, is leading to shrinking budgets for health, education and social security in general. (shrink)

In lieu of an abstract, here is a brief excerpt of the content:Buddhist-Christian Studies 22 (2002) 31-46 [Access article in PDF] Remedying Globalization and Consumerism: Joining the Inner and Outer Journeys in "Perfect Balance" Judith Simmer-Brown Naropa University One hundred forty years ago, Abraham Lincoln wrote in a prophetic voice: I see in the near future a crisis approaching that unnerves me and causes me to tremble for the safety of my country.... Corporations have been enthroned and an era of (...) corruption in high places will follow, and the money power of the country will endeavor to prolong its reign by working upon the prejudices of the people until all wealth is aggregated in a few hands and the Republic is destroyed. 1As the global economy has grown and the economic gap between the poor nations and the rich nations has become enormous, we are realizing Lincoln's nightmare.Globalization has effects more devastating than Lincoln could have imagined. What do we mean by globalization? The president of Nabisco once defined it as "a world of homogeneous consumption." 2 It is a world in which everyone, no matter what latitude or longitude, eats the same food, wears the same clothing, and derives pleasure from the same entertainment. It is the world of McDonald's, Holiday Inn, James Bond movies, Nike shoes, and Coca-Cola. Noam Chomsky, in a lecture at Boston College, described globalization as the "new face of capitalism." 3 It is a network of power centered in corporate interests and financial institutions that controls the flow of capital in order to promote the financial interests of those in power to the detriment of all others. The strategies of globalization have to do with centralizing all power in financial interest, reducing all value to money, and subsuming governments to the interests of the corporations. According to Chomsky, the strategies employed by the transnational network are designed to consolidate this control:Buy the executive branch of the states involved;Own the legislative branch through lobbyists, campaign contributions, and term extensions, or whatever else may work; [End Page 31]Set the conditions in which policy is determined, asserting the power of global capital;Control the doctrine and information systems, especially to invent new needs in order to bolster a culture of fashionable consumption. 4The players in this transnational network reside in the wealthy countries of the world, especially the governments of the G8, and most especially the United States. The global dominance of the International Monetary Fund and the World Trade Organization is funded by U.S. dollars funneled to them by the network. Yet this capital is not really exchange of cash; instead, it is speculation. Chomsky commented: In the last twenty-five years, there has been a huge explosion of financial institutions and financial capital, most of it speculative, with little actual capital in the economy. The flow of capital is $1.5 trillion per day, very little of it productive. Ninety-five percent of it is destructive and speculative. The return time on investments is very rapid; eighty percent has a return time of a week, and often it is less than a day. This daily flow of capital in international markets is twice the total foreign exchange of all states together. This concentrated power is interlinked, determining states' decisions. 5States are no longer autonomous agents; transnational economic interests have taken precedence over national sovereignty, regional power, and military concerns.The impact on developing countries and rural economies is devastating. The global monoculture is eradicating cultural diversity, replacing locally adapted forms of production with industrial systems divorced from natural cycles. Agriculture has become centrally managed and chemically dependent, delivering a narrower range of transportable foods to the international market. This, of course, robs the vitality of local communities and moves a greater proportion of villagers into urban life, creating megalopolises. Because everyone becomes dependent upon the same resources, "globalization creates efficiency for corporations, but it also creates artificial scarcity for consumers, thus heightening competitive pressures.... Globalization means the undermining of the livelihoods and cultural identities of the majority of the world's peoples." 6... (shrink)

In the fifth century before the Christian era, the Chinese philosopher Mozi, appalled at the damage caused by war in his time, asked: "What is the way of universal love and mutual benefit?" He answered his own question: "It is to regard other people's countries as one's own." The ancient Greek iconoclast Diogenes, when asked what country he came from, is said to have replied: "I am a citizen of the world." In the late 20th century John Lennon sang that (...) it isn't hard to "Imagine there's no countries . . . Imagine all the people/Sharing all the world." Until recently, such thoughts have been the dreams of idealists, devoid of practical impact on the hard realities of a world of nation states. But now we are beginning to live in a global community. Almost all the nations of the world have reached a binding agreement about their greenhouse gas emissions. The global economy has given rise to the World Trade Organisation, the World Bank and the International Monetary Fund; institutions that take on, if imperfectly, some functions of global economic governance. An international criminal court is beginning its work. Changing ideas about military intervention for humanitarian purposes shows we are in the process of developing a global community prepared to accept its responsibility to protect the citizens of states that cannot or will not protect them from massacre or genocide. In ringing declarations and resolutions, most recently at the United Nations Millennium Summit, the world's leaders have recognised that relieving the plight of the world's poorest nations is a global responsibility - although their deeds are yet to match their words. (shrink)

Se postula en este texto que la rapidez y la importancia de las alteraciones producidas en el panorama financiero mundial son de tal magnitud que vuelven a los Estados cada vez más impotentes para controlar el orden económico planetario. Frente a esto, señala que el Fondo Monetario Internacional sirve para apretar las clavijas a los pobres o para paliar ciertas crisis locales, pero cierra los ojos ante la acelerada expansión de la burbuja financiera mundial, generando un riesgo y una polarización (...) social que afectan al conjunto de la sociedad. Esta situación exige contar con enfoques y con una presión social capaz de alterar el vínculo entre poder y dinero. Completa el trabajo un análisis de la burbuja financiera para explicar la crisis económica mundial. (shrink)

Differences between the countries of the Northern and Southern Hemispheres recommend drastic changes in political, economic, and social attitudes, especially among the nations of the North. Especially significant is their influence on the World Bank, the International Monetary Fund, and the World Trade Organization and their resulting imposition of policies favorable to their own interests at the cost of those of the Southern nations.

The train has stopped in the night. It is the end of winter, 1920; it is very cold, about 25 degress below zero, some hundred kilometers west of Irkutsk. Along the train soldiers mount guard; ahead, a party of the detachment is clearing the track. Many of the soldiers have makeshift bandages around their wrists and feet: the Siberian frost has taken its toll. There is no question, however, of withdrawing the guard or stopping the work. This train is the (...) most precious treasure of the Soviet. Republic, transporting the greater part of the State gold reserves: 355 m. tons. Previously housed in the vaults of the Kazan Bank in Tartary by the Tsarist government, it was removed in 1918 by admiral Kolchak; the greatest coup in history! Not that it brought the admiral any good luck: in Siberia, at the height of the civil war, the richest man in the world was only able to get a few shipments of gold through to Vladivostok, to pay his debts to the Americans and buy arms from them. And then Kolchak died: he was shot on February 7th, the gold now returning to Kazan. (shrink)