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Trade and development report 2014

Global governance and policy space for development

image of Trade and development report 2014
The 2014 edition reviews recent trends in the world economy, examining the consistency and sustainability of the economic policies currently followed. It addresses the evolution and current conditions of the policy space needed for implementing growth-enhancing and inclusive development strategies. It discusses how countries can better manage capital flows in order to expand their policy space for pursuing development strategies. It looks at policy space as depending not only on the existing rules and commitments taken in international agreements, but also on the possibility of mobilizing resources for financing industrial policies, investment and growth. It argues that fiscal space is a key aspect of policy space, and that developing countries need to address loss of revenue stemming from illicit financial flows, tax havens and inadequate taxation of extractive industries.

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Policy space and the origins of the multilateral economic system

The challenge of reconciling the requirements of national policy sovereignty with the imperatives of an interdependent world economy may seem today to be relatively new - an outcome of advances in information and communications technologies (ICTs) and the spread of global market forces. In fact, it is a long-standing challenge that has been discussed extensively, and from many different angles, for almost two centuries (Mazower, 2012). This chapter takes a historical look at some of the debates around this issue in the mid-twentieth century, when much of the current multilateral economic architecture was being constructed.

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