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World Economic and Social Survey 2010

Retooling Global Development

image of World Economic and Social Survey 2010
The Survey 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; creating new mechanisms for dealing with deficiencies, such as specialized multilateral frameworks through which to govern international migration and labour mobility, international financial regulation, multinational corporations and global value chains regulation, as well as sovereign debt workouts. Most importantly, the Survey highlights the need for a strong mechanism for global economic coordination which establishes coherence across all areas of global economic governance.

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Preface

The global financial crisis has exposed serious weaknesses not only in the world economy but also in global economic governance. Fortunately, a remarkable spirit of multilateralism has prevailed in the responses to this upheaval. Countries have refrained, by and large, from resorting to protectionist measures. Governments have enacted stimulus packages, kept interest rates low and provided additional finance to the International Monetary Fund and the World Bank that is aimed at helping countries in need. These efforts stand in sharp contrast to the approach of the 1930s, when beggar-thy-neighbour policies had pushed the global economy into a prolonged depression and deepened the political crisis that led to the Second World War.

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