Retooling Global Development and Governance

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This publication provides a whole new set of ideas on how to overcome the deficiencies in the ongoing process of globalization and in the existing mechanisms for global economic governance. It points out promising directions for reform, including: strengthening government capacities for formulating and implementing national development strategies; doing more to ensure that official development assistance is aligned with national priorities; strengthening the international trade and financial systems so that countries with limited capabilities can successfully integrate into the global economy; and creating new mechanisms for dealing with deficiencies. The authors do not pretend to offer a blueprint, but aim instead at presenting ideas that could become the basis for a new, coherent “toolbox” designed to guide development policies and international cooperation.



Rethinking global development

As the world emerges from its worst recession since the Second World War, it is important to remind ourselves that interdependence across nations is an essential feature of economic development. Over the past few years, many have come to feel that interdependence is the carrier of economic distress. Skyrocketing food and energy prices have affected the livelihoods of many. The strong rise in food prices during 2007 and 2008 exposed not only the structural basis of food insecurity—the result of decades of underinvestment in agriculture, especially in developing countries—but also the interconnectedness of such insecurity with other global problems. The effects of climate change are already being felt in many parts of the world in the form of more frequent and intense droughts and excessive rainfall, which have exacerbated food insecurity and intensified price volatility.


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