Unctad was right about Mexico's meltdown and the dangers of derivatives, yet rich countries apparently want to muzzle it
In February, the UN's counterweight to the International Monetary Fund (IMF) and the World Bank fired off a withering critique of the global financial system, calling for fundamental reform as part of a new deal that can "lift all boats" in rich and poor countries alike.
The report from the UN Conference on Trade and Development (Unctad), entitled Development-led globalisation, had no qualms about taking potshots at the IMF and the World Bank. It said the first priority is "taming finance", arguing that leaving markets to regulate themselves is both ineffectual and costly.
"Neither the IMF nor the World Bank, having abandoned their original raison d'être to the siren calls of unregulated financial markets, have been able to forge a vision of a post-crisis economy consistent with changed economic and political realities," said the report, which set out the theme for this week's Unctad XIII conference in Doha, Qatar, the first major UN ministerial conference on trade and development since the fallout from the economic crisis became clear.[view whole blog post ]
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