Even as more money is found to rescue yet another banking giant, additional resources are scarce for the developing world. Yet without strong action by world leaders at the Financing for Development conference in Doha, Qatar, which begins on November 29, this subject will likely be another victim of the financial crisis, with grave repercussions for global poverty and the achievement of the Millennium Development Goals.
For nearly 40 years, American presidents have expressed their intention to fulfill the U.S. obligation under the 1968 Nuclear Nonproliferation Treaty (NPT) to pursue "effective measures relating to cessation of the nuclear arms race at an early date and to nuclear disarmament." Still, few presidents have taken that goal seriously, and those who did missed historic opportunities to move closer toward a nuclear weapons-free world.
Japan’s ruling Liberal Democratic Party (LDP) is nosediving in the polls, its gaffe-prone prime minister Taro Aso has acquired a reputation as his party’s funeral director, and a pivotal election may transform the Japanese political landscape before September.
As the dust starts to settle from the historic election of our nation’s first African-American president and first president who ran on fair trade, we have some time to contemplate other impressive changes voters brought to Congress. At least 41 new fair-traders were elected to House and Senate seats, which represent a net gain of 33 in Congress’ overall economic justice contingent. This comes on top of the 37 net fair-trade pick-ups in the 2006 congressional elections. These new members campaigned to oppose further NAFTA-style agreements and advocate for positive alternatives that ensure widely shared prosperity. Obama himself made many fair-trade commitments, including a pledge to replace "fast track" trade negotiating authority, renegotiate the North American Free Trade Agreement, and oppose a NAFTA-like pact with Colombia.
Africa, the poorest and least robust part of the global economy, could be the region most severely affected by the financial crisis that began in the rich countries and is now metastasizing into a global economic crisis. Its export earnings are being hit by the recent decline in commodity prices (some prices have dropped by more than 50% since July). Its access to international finance, never exactly robust, is receding: economists estimate that private financial flows to developing countries will be 30-50% lower next year and it’s not yet clear if aid and other official flows will fill the gap. In addition, the World Bank expects remittances from emigrants, which represent about 2% of GDP for all sub-Saharan African countries to decline, and that will directly impact millions of individual households. Growth rates in 2009 will be lower than 2008 rates, and inflation rates will be higher. These developments will set back African efforts to meet the Millennium Development goals and lead to an increased number of extremely poor people in Africa. And already 320 million out of a total population of about 500 million live on less than $1 per day.
At long last, the fragile state of Somalia seems to be slowly resurfacing from a searing bout of violence and humanitarian crisis. Interestingly, the light at the end of this decades-long tunnel is not burning at the behest of the United States or the United Nations; rather, it burns because Somali leaders, both within the government and without, have banded together. Frustrated by failed foreign interventions, they are now seeking sustainable Somali-based solutions.
As the Bush administration’s mass exodus gets underway, President-elect Obama is hearing from a lot of quarters that his cabinet should include one key holdover. According to this thinking, he should leave the Pentagon in the hands of its current Secretary, Robert Gates. Fortunately, the new president will have in-hand an easy way to judge whether or not this is a good idea.
I was pleased to join 12 past presidents and more than 200 members of the Latin American Studies Association (LASA) in signing a letter to Barack Obama urging him, as president, to respect and support the movements for progressive change in Latin America. We also called on him to dramatically reform U.S. policies toward the region.
Just a few weeks after releasing its official forecast for the next year, the International Monetary Fund (IMF) adjusted its growth estimates downwards, predicting that poorer countries will see big losses in GDP over the next two years as a result of the global financial meltdown. Independent assessments estimate that developing countries’ losses between now and 2010 will be in excess of $300 billion.
Turkey has long aligned itself with Western powers, dating back to Ottoman participation in the Concert of Europe. It’s currently a member of the Council of Europe, the Organization for European Economic Cooperation (OEEC), and the North Atlantic Treaty Organization (NATO). Many Turks view accession to the European Union (EU) as the capstone to its longstanding ambition to be recognized as a modern European power. Others in Turkey, however, are leery of EU-inspired democratization schemes and wonder if admission is indeed worth the cost of the ticket.