Learning from the past: Which of the past/current development strategies are best suited to deal with the “quadruple crisis”?

The MDG development strategy has mainly been framed in terms of social and aid policies and has said little about the national development strategies and governance changes required for their achievement. Because of this omission, national strategies have, often by default, relied on an unfettered liberalization of domestic and external markets and weak food security and environmental policies. Such an approach has done little to prevent the emergence of a “quadruple crisis” which has severely affected the economies of many developing countries and delayed the achievement of the MDGs. The elements of the “quadruple crisis” are (i) a mounting macroeconomic instability which periodically erupts into costly financial crises; (ii) rising food prices, hunger and malnutrition; (iii) a worsening of income inequality; and (iv) long-term environmental problems which raise the costs of the mitigation and adaptation measures needed to prevent additional personal and environmental damages. In all these areas, the search for new development approaches is in order, to deal with the crises themselves and to support the drive to achieve the MDGs.

Related Subject(s): Economic and Social Development