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Trade and Development Report 2009

image of Trade and Development Report 2009
The Trade and Development Report 2009, subtitled Responding to the Global Crisis - Climate Change Mitigation and Development” addresses the main issues of global economic outlook and short-term policy response to the financial and economic crisis, international monetary reform to complement stricter financial regulation and climate change mitigation as a process of structural change. The report analyzes global economic prospects within the framework of the current economic and financial crisis. It also heeds the short-term fiscal, financial and monetary policies that were adopted in response to the impacts of the 2008-2009 crisis. It also looks at the question of how increased efforts aimed at climate change mitigation can be combined with forward-looking development strategies and rapid growth in developing countries.

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Overview

Speculators may do no harm as bubbles on a steady stream of enterprise. But the position is serious when enterprise becomes the bubble on a whirlpool of speculation. When the capital development of a country becomes a by-product of the activities of a casino, the job is likely to be ill-done. The measure of success attained by Wall Street, regarded as an institution of which the proper social purpose is to direct new investment into the most profitable channels in terms of future yield, cannot be claimed as one of the outstanding triumphs of laissez-faire capitalism – which is not surprising, if I am right in thinking that the best brains of Wall Street have been in fact directed towards a different object.

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