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By providing fiscal stimulus and strengthening financial sector regulation, of course. But that may not be enough. Will the U.S. and the Europeans also revisit the idea of a global social contract -- to protect millions of people losing their jobs in developing countries? In a speech I delivered to the Dutch Scientific Council in December, I argued that
From the headlines you would think Davos was mostly doom and gloom and blaming the bankers (and rough talk from Putin and between PM Erdogan of Turkey and Peres of Israel). Development was less visible this year than ever. As Simon Maxwell observed: No Bono. No Jeff Sachs. No Zoellick.
Although we still do not have all the details, CQ Politics is reporting that most of last week's compromise on Trade Adjustment Assistance made it back into the stimulus bill. It had been pulled from the Senate version because of demands from Senator Kyl (R-AZ) that TAA reform be linked to a date certain for voting on the free trade agreement with Colombia.
This is joint posting with Owen McCarthy
As word leaks out that the World Bank effectively funded the demolition of homes of the very poor residents of a small village, Jale, in Albania, and then refused to speak about it for more than a year, one can only hope that the Bank will spend as much time thinking through what went wrong as it will doing damage control. The Project Appraisal Document (otherwise known as the PAD) for the Albania Integrated Coastal Zone Management and Clean-Up Project stated that the Albanian government and the Bank had reached an agreement that no demolitions would take place until "procedures and criteria" were in place to assist affected citizens; in fact no such agreement existed. The Bank's Board approved the project.
Almost seven years have passed since the Trade Act of 2002 was enacted, and finally we have a truly bi-partisan agreement on Trade Adjustment Assistance that reflects the changing conditions of the global economy. The provisions contained within the package, as reported by Reuters last Friday, were inconceivable from a political point of view just a few years ago.
As my colleague David Roodman pointed out, the financial crisis does not bode well for foreign aid to poor countries. In the early 1990s, aid from the four donor countries experiencing financial crises dropped between 10 and 62 percent in the aftermath.
World Bank chief economist Justin Lin endorsed charges for CO2 emissions in a keynote address at the 10th anniversary conference of the Global Development Network being held in Kuwait. Speaking in an ornate marble hall at the Arab Fund for Economic and Social Development following an address by Mohammed Al-Sabah, Kuwait’s Minister of Foreign Affairs, Lin said that he recognized that such a call might not be politically correct in the oil-rich state.