Asian Financial Crisis: Lessons Learned and Unlearned
By Yılmaz Akyüz
Debates are taking place on whether there will be another financial crisis, whether in some part of the world or that is global in scope. Governments draw lessons from financial crises to adopt measures to prevent their recurrence. However, such measures are often designed to address the root causes of the last crisis but not the next one. More importantly, they can actually become the new sources of instability and crisis. (more…)
The Asian financial crisis started 20 years ago and the global financial crisis and recession 9 years back. When a new global financial crisis strikes, the developing countries will be more damaged than in the last crisis as they have become less resilient and more vulnerable. They thus need to prepare from being overwhelmed. (more…)
It’s been 20 years since the Asian financial crisis struck in July 1997. Since then there has been an even bigger global financial crisis, centred in the United States starting in 2008. Will there be another crisis in the near future? The Asian crisis began when speculators brought down the Thai baht, making fortunes in the process. Within months, the currencies of Indonesia, South Korea and Malaysia were also affected. The crisis was to turn the East Asian Miracle into an Asian Financial Nightmare. (more…)
By withdrawing the United States from the Paris Agreement, President Donald Trump abdicated not only leadership but membership of the community of nations cooperating to tackle climate change, the most serious crisis facing humanity. (more…)
Global climate policy in an uncertain state of flux
By Martin Khor
Global climate change policy is in a state of flux, with all other countries waiting for the United States to decide whether to leave or remain in the Paris Agreement. That treaty, adopted by 195 countries with great fanfare in December 2015 and came into force in November 2016, symbolizes the efforts of governments to cooperate to avert disastrous global warming that threatens human survival. (more…)
Trump’s first 100 days: a serious cause for concern
By Martin Khor
This week, Donald Trump will mark his first hundred days as US President. It’s time to assess his impact on the world, especially the developing countries. It’s too early to form firm conclusions. But much of what we have seen so far is of serious concern. (more…)
What’s the most precious thing in the world which unfortunately we take for granted and realise it true value when it is impaired? Good health, of course. That’s something many people must have reminded themselves as they celebrated World Health Day on 7 April. Attaining good health and well-being may be a top priority goal, but achieving it is elusive for almost everyone, and next to impossible for the poor. (more…)
Automation linked with digital technology is predicted to take over millions of jobs, and developing countries are most susceptible to the disruptive effects.
Avoid patent clauses in trade treaties that can kill millions
By Martin Khor
A recent article in a prestigious journal reminds us of how the intellectual property chapter of free trade agreements can prevent the sick from getting treatment. This article also critiques the TPP clauses and warns that they should not be translated to national laws or copied into other FTAs being negotiated. (more…)
The planned US border tax would most likely violate WTO rules
By Martin Khor
As the US Congress and President consider whether to introduce a border adjustment tax, a major question is whether such a measure will violate the rules of the World Trade Organization. Experts have good reason to believe the tax in several ways go counter to the WTO. But there are also shortcomings in the WTO system that could limit its usefulness in stopping the US if it is determined enough. A shorter version of this article was published by the IPS. This is the second of a two part series on the US border tax plan. (more…)
Beware of the new US protectionist plan, the border adjustment tax
By Martin Khor
A new protectionist device is being planned in the United States that could devastate the exports of developing countries and cause American and other foreign companies to relocate. The complexities and implications of the proposed border adjustment tax are explained in this article. A version of this article was published by IPS. A second article on this issue will be published soon. (more…)
Shocks for developing countries from President Trump’s first days
By Martin Khor
His first days in office indicate that President Donald Trump intends to implement what he promised, with serious consequences for the future of the United Nations, trade, the environment and international cooperation, and developing countries will be most affected. Those who hoped Trump would be more statesman-like in style and middle-of-the-road in policy matters after his inauguration had their illusions dashed when the new United States President moved straight into action to fulfil his election pledges. (more…)
