Might radical reform of multilateral institutions help develop a fairer global economy?

In 1997, radical economist Samir Amin wrote the classic analysis of the modern economy – Capitalism in the Age of Globalisation: The management of contemporary society – which has recently been updated and republished. In a slightly abridged extract, Amin describes how reform of the Bretton Woods institutions – the World Bank and the International Monetary Fund – could bring about radical change in global economic systems. Given events since 1997, it is a fascinating insight into how events could have transpired, and yet might.

It is not possible to review all of the proposals put forth in recent years for reform of the Bretton Woods institutions. They are too numerous; moreover they are derived from theoretical and political perspectives that are extremely diverse. I will, therefore, confine myself to a small sample of proposals made from a resolutely progressive point of view – that is, they start from the objective of a renewed development throughout the world, and especially in the Third World; they give this development a popular content (elimination of poverty, expansion of social services, reduction of inequalities); and they allow unity to be re-established between the economic and the political sphere (which means, among other things,...

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Bretton Woods institutions  business model  capitalism  Global economy  radical reform 

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