BRICS Bank: Doing development differently?

By Bunn Nagara

A prospective new financial architecture being set up by the BRICS countries promises to reform and improve development finance for the world.

The First BRICS towards a South Bank?

By Devaki Jain

A member of the South Commission (1987-1990) reflects on the moves by the recent Summit of the BRICS to establish a BRICS development bank – an idea that the Commission had promoted.

Financial crisis deepens: will the lessons be learnt?

This time it is Cyprus’ turn to face bitter financial crisis as bank depositors get hit and capital controls are imposed. Will the lessons about these crises ever be learnt?

Why Chavez’s legacy will live on

The death of Hugo Chavez last week sparked an outpouring of grief in Venezuela and South America, but his legacy will live on in his policies and South-South initiatives.

Poor countries hit by US spending cuts

The government spending cuts in the United States as the President and Congress fails to reach a deal will also affect poor developing countries as the aid budget especially for food and medicines is reduced.

Growth in the South: Resilience, Decoupling, Recoupling

By Yilmaz Akyuz

Rapid acceleration of growth in developing countries (DCs) and the widening of their growth gap with advanced economies (AEs) before the outbreak of the global financial crisis were widely interpreted as decoupling of the South from the North. In the early days of the crisis, there were also widespread expectations that growth in the South would be little affected by the difficulties facing AEs. In fact, DCs slowed considerably in 2009 as a result of contraction of exports to AEs and financial contagion. However, they recovered rapidly, with growth rates in 2010-11 matching or exceeding the levels seen before the crisis, while recovery in the US has remained weak and erratic, and Europe has gone into a second dip. This has again revived the decoupling thesis, notwithstanding the sharp slowdown in many major DCs over the course of the current year.

Resolving Debt Crises: How a Debt Resolution Mechanism Would Work

More countries are facing a debt crisis, and the world urgently needs an international system of debt arbitration and restructuring. This article describes the elements needed in such a system.

India prepares to supply free generic medicines

As the northern Indian state of Rajasthan rolls out an ambitious universal healthcare plan, the discontent of the state’s doctors stands in stark contrast to the joys of the 68 million people who will benefit from the scheme.

LDCs seek exemption from WTO TRIPS agreement

The Least Developed Countries (LDCs) have submitted a “duly motivated” request to the WTO TRIPS Council for an extension of the transition period for them to comply with the TRIPS Agreement “for as long as the WTO Member remains a least developed country”.

A proposed draft decision annexed to their request states that: “Least developed country Members shall not be required to apply the provisions of the Agreement, other than Articles 3, 4 and 5, until they cease to be a least developed country Member.”

The Least Developed Countries (LDCs) have submitted a “duly motivated” request to the WTO TRIPS Council for an extension of the transition period for them to comply with the TRIPS Agreement “for as long as the WTO Member remains a least developed country”.

A proposed draft decision annexed to their request states that: “Least developed country Members shall not be required to apply the provisions of the Agreement, other than Articles 3, 4 and 5, until they cease to be a least developed country Member.”

Challenges posed by BITs to developing countries

Bilateral investment treaties pose many challenges to developing countries, and initiatives are underway to move towards a new framework. This message is contained in a closing speech by Mariama Williams on behalf of the South Centre at the 6th Annual Investment Forum for Developing Country Negotiators, Port of Spain, Trinidad and Tobago, 29-31 October 2012, which was co- organised by the South Centre.

Hazards in Bilateral Investment Treaties (BITs): Investors’ rights v. public health