Contrary to what many analysts believe, neither China alone nor developing countries as a group are economically powerful enough to pull the world economy out of recession, although their importance as an engine of global growth is rising. Global economic recovery will have to depend on growth in the US and Europe.
Global Finance in Crisis, a groundbreaking, edited volume, offers the first systematic analysis of the international regulatory response to the current global financial crisis. From the vantage point of key global financial powers, leading scholars examine current regulatory developments in international finance.
Dubbed "Nopenhagen," the Copenhagen Accord reached at the eleventh hour has been criticized by many as not going far enough. But CIGI Distinguished Fellow Johan Whalley sees it as an historic and landmark document in the emerging economic architecture of the twenty-first century.
Given their vulnerability to external economic events, small developing countries (SDEs) are particularly cognizant of their place in the world economy. Moreover, given their reliance on international trade for prosperity, SDEs are also concerned about the rules and institutions governing the multilateral trading system. In this paper, the author reviews and evaluates the participation of SDEs in the governance of the multilateral trading system, with a particular focus on the World Trade Organization ( WTO). He suggests how SDEs can improve the efficacy of their participation in the WTO’s decision-making process, and proposes ways in which the WTO could be adapted to better integrate SDEs in its governance.
Two vitally important policy areas – trade and climate change - are intersecting, posing difficult questions about how to provide effective action on climate change without damage to the international trading system. On October 26-27, 2009, experts from both fields discussed the risks and possibilities for dealing with them. The participants focussed on a few key issues. The great difficulty of dealing with border carbon adjustments came in for a good deal of emphasis - but while there was a shared view that it would be best to avoid them entirely it was recognized that unfortunately they are likely to be part of the mix. On the other hand, it was felt that the prospects of accommodating “green” subsidies in the trading system are more promising, and with respect to subsidies and special fiscal arrangements a strong case was made for cutting back the very large amounts that support the production and consumption of fossil fuels.
Following on its response to the global economic crisis, the G20 must now tackle other pressing global issues, including climate change, food security and global health. Andrew F. Cooper, CIGI distinguished fellow, and Andrew Schrumm, a CIGI research officer, discuss how the G20 must move beyond being a crisis committee to be a forward-looking organization and one that supports public goods.
Foreign Affairs and Americas Quarterly recently reviewed Which Way Latin America, edited by CIGI Distinguished Fellows Andrew F. Cooper and Jorge Heine. The book provides up-to-date analysis of the new sources of political power and allegiances in Latin America today.
This publication is a compilation of summaries and abstracts of previously released and forthcoming Caribbean Papers. Summaries included cover topics such as regional transportation, the communications industry, national and regional identity, migration and social partnerships.
Roberto Mangaberia Unger, Roscoe Pound Professor of Law, Harvard Law School, gave a keynote address at CIGI’09. He spoke about the global financial and economic crisis, arguing that it offered an opportunity to overthrow “a dictatorship of no alternatives,” but that this opportunity has been largely squandered. Unger called for a debate, built on ideas and imagination, which will bring a liberation from conformity and alter the course of globalization.
This report, produced by a task force under the aegis of the Chinese Academy of Social Sciences (CASS) and CIGI, assesses the impact of the global financial crisis on China. The report suggests that China has been perceived as relatively well insulated from the crisis, but along with other trade dependent countries outside the Organisation for Economic Co-operation and Development (OECD) its integration into the global economy means exposure to the negative effects of the economic downturn.