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Abstract
This volume provides an up-to-date and detailed tour d'horizon of the exciting diversity of new proposals and mechanisms currently being discussed in order to raise the necessary financial resources to make the achievement of the Millennium Development Goals a reality by 2015. If the MDGs to halve global poverty and significantly improve the conditions of life of the world's poor are to be met on schedule, putting in place the requisite funding is an essential component. The economists in this volume from WIDER, UNDP, and other leading institutions have contributed their analyses as part of the Helsinki Process on Globalisation and Democracy - a high-level multi-stakeholder initiative to develop new approaches to global problem-solving, a global economic agenda and human security.
Key resource flows examined include ODA, foreign direct investment, remittances by migrants, commodity export prices, and new ideas to secure sustainable debt relief, including SDRs, debt cancellation, revaluation of IMF gold reserves, debt arbitration, and other proposals. The statistically rich analyses are presented in the context of the complicated trends in global inequality, the incidence of poverty, and the impacts of globalisation. The editors conclude with a thought-provoking set of ideas about the political requirements for effective global economic governance aimed at achieving the MDGs that the world community set itself at the start of the new millennium.
The empirical data in this volume and survey of key new ideas for resource mobilisation will be invaluable to all those concerned with global economic governance, including scholars, diplomats, NGO lobbyists, and students studying development economics.
Fantu Cheru is a professor at the School of International Service, The American University, Washington DC.
Colin Bradford is a visiting fellow at the Brookings Institution.
'Provides an up-to-date and detailed overview of the diversity of new proposals and mechanisms currently being discussed in order to make the achievement of the Millenium Development Goals a reality by 2015.'
International Social Security Review
Table of Contents
| Section Title | Page | Action | Price |
|---|---|---|---|
| Half-title page | i | ||
| Title page | iii | ||
| Table of contents | v | ||
| List of figures, tables and boxes | vii | ||
| About the contributors | ix | ||
| Members of the Helsinki Process Track 2: Global Economic Agenda | x | ||
| Foreword | xi | ||
| Introduction FANTU CHERU and COLIN BRADFORD JR | 1 | ||
| The linkages between governance, mobilisation, and human security | 1 | ||
| The challenge of mobilising development finance to achieve the MDGs | 3 | ||
| Rising to the challenge | 5 | ||
| Notes | 7 | ||
| References | 7 | ||
| 1 Global Inequality, Poverty and Justice: Empirical and Policy Issues RAIMO VÄYRYNEN | 9 | ||
| The relevance of inequality | 9 | ||
| Conceptual and ethical issues | 10 | ||
| The choice of methods | 12 | ||
| A historical perspective | 13 | ||
| Where are we now? | 14 | ||
| Poverty vs inequality | 18 | ||
| Future work | 23 | ||
| Note | 25 | ||
| References | 25 | ||
| 2 Development Financing through ODA: Trends, Financing Gaps, and Challenges TONY ADDISON, GEORGE MAVROTAS and MARK MCGILLIVRAY | 28 | ||
| The rationale for aid | 29 | ||
| ODA: recent trends and projections | 32 | ||
| The International Finance Facility (IFF) | 33 | ||
| New priorities and challenges in the area of ODA | 36 | ||
| Conclusions | 39 | ||
| Notes | 40 | ||
| References | 40 | ||
| 3 Making Sense of MDG Costing \rJAN VANDEMOORTELE and RATHIN ROY | 44 | ||
| Global targets, local progress | 44 | ||
| Power of quantification | 46 | ||
| Methodological issues | 47 | ||
| Costing without confidence | 49 | ||
| Making sense of MDG costing | 49 | ||
| Conclusion | 54 | ||
| Notes | 55 | ||
| Reference | 55 | ||
| 4 Foreign Direct Investment, Innovative Sources of Development Finance and Domestic Resource Mobilisation TONY ADDISON and GEORGE MAVROTAS | 56 | ||
| Foreign direct investment | 57 | ||
| Innovative sources of development finance | 63 | ||
| Domestic resource mobilisation | 65 | ||
| Conclusions | 68 | ||
| Notes | 69 | ||
| References | 69 | ||
| 5 Remittances by Emigrants: Issues and Evidence ANDRÉS SOLIMANO | 73 | ||
| Global and regional trends in remittance flows | 74 | ||
| Measurement, micro-motives for remittances and cyclical behaviour | 79 | ||
| Stability of remittances in the economic cycle | 83 | ||
| The development impact of remittances | 84 | ||
| The international markets for remittances | 86 | ||
| Policies to reduce the cost of remittances and enhance their development impact | 90 | ||
| The recipient countries side | 91 | ||
| Conclusions | 92 | ||
| Notes | 93 | ||
| References | 95 | ||
| 6 The Commodities Crisis and the Global Trade in Agriculture: Present Problems and Some Proposals MARTIN KHOR | 97 | ||
| Background and rationale | 97 | ||
| The developing countries’ commodities problem | 99 | ||
| Global agricultural trade and continued protection in developed countries | 101 | ||
| Lack of capacity of developing countries | 104 | ||
| Effects of import liberalisation on developing countries | 104 | ||
| The global framework regulating agricultural trade | 105 | ||
| Previous and recent efforts to improve the commodities situation | 105 | ||
| Suggestions for measures and action | 112 | ||
| References | 117 | ||
| 7 Globalisation, Debt and the ‘Hoover Effect’: International Structural Changes that Have Led to the Poor Financing the Rich ANN PETTIFOR | 118 | ||
| Today’s context | 118 | ||
| Historical background to the current debt problem of poor countries | 123 | ||
| Debtors: emerging from colonialism | 126 | ||
| The crisis breaks: Mexico on the frontline | 128 | ||
| The Jubilee debt campaign and the birth of the heavily indebted poor country initiative (HIPC 1) | 130 | ||
| What is the way forward? | 131 | ||
| Conclusion | 133 | ||
| Notes | 134 | ||
| References | 134 | ||
| 8 Beyond HIPC: Secure, Sustainable Debt Relief for Poor Countries NANCY BIRDSALL and BRIAN DEESE | 135 | ||
| The case for debt relief | 136 | ||
| Critique of the HIPC initiative | 139 | ||
| Review of proposals | 141 | ||
| A three-pronged solution: deepen, widen, and insure | 144 | ||
| Financing | 149 | ||
| Box 8.1 Debt initiatives | 152 | ||
| Notes | 153 | ||
| References | 154 | ||
| 9 Debt Work-Out Mechanisms: Debt Arbitration KUNIBERT RAFFER | 156 | ||
| Past failures aggravating present problems | 157 | ||
| The essence of insolvency | 161 | ||
| Arbitration – the cornerstone of any fair and efficient solution | 161 | ||
| Protecting sovereignty | 165 | ||
| Debtor protection, human rights, and MDGs | 166 | ||
| Sustainability | 170 | ||
| Fairness, equality of creditors, and multilateral debts | 171 | ||
| Best interest of creditors | 174 | ||
| Speed | 176 | ||
| Campaigning for change | 176 | ||
| References | 178 | ||
| 10 Achieving Healthy Urban Futures in the Twenty-first Century: New Approaches to Financing Water and Basic Sanitation DAVID C. TIPPING, DANIEL ADOM \rand ANNA K. TIBAIJUKA | 181 | ||
| A new human security challenge: the rapid urbanisation of poverty and ill health | 181 | ||
| Box 10.1 Examples of the rate and incidence of water- and sanitation-relateddisease in urban areas | 190 | ||
| Constraints on water and sanitation provision indeveloping countries | 193 | ||
| Opportunities to mobilise new finance for water and sanitation | 201 | ||
| Conclusions and recommendations | 207 | ||
| References | 209 | ||
| 11 A Political Agenda for Global Economic Governance COLIN BRADFORD JR and FANTU CHERU | 211 | ||
| Sources of dynamism: impetus for transformational change | 213 | ||
| Key priorities for action: what needs to be done? | 215 | ||
| Mobilising for common accountability: how to get it done? | 220 | ||
| Box 11.1 International community: mechanisms for amobilisation movement | 224 | ||
| Conclusion: the Helsinki Process as a continuous process | 225 | ||
| References | 226 | ||
| Index | 227 |