economist John Maynard Keynes’ vision of the WTO

An interesting bit of history about the World Trade Organization that could have been created, prior to being tainted by greed.

Here’s an excerpt of the article “Alternative Finances” that had been printed in the English version of Monde Diplomatique:

“The economist John Maynard Keynes came to the postwar table with an innovative project for the future of world trade, which he called the International Trade Organization (ITO), supported by an international central bank, the International Clearing Union (ICU). The ICU was meant to issue a world currency for trade, the bancor. Why the ITO and the ICU never materialized, and what would have changed if they had, forms a sobering story from which we can learn. It tells us that, in a rational world, it would be possible to construct a trading system serving the needs of people in both North and South.

With an ITO and an ICU, we could have had a world order in which no country could run a huge trade deficit (the United States deficit stood at $716bn in 2005) or the huge trade surplus of contemporary China. Under such a system, crushing third world debt and the devastating structural adjustment policies applied by the World Bank and the IMF would have been unthinkable, although the system would not have abolished capitalism.”

and another interesting article from UTNE Reader May/June 2008 issue “The Pursuit of Square Footage

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About carolkeiter
Aspiring writer, artist, musician and composer who was born and raised in the United States and has resided in several European countries. Communication is my forte; both through using various tools and in approaching people of divers backgrounds to gather information. Speak conversational - advanced intermediate - French, German and Spanish. Love interacting with people in cultural centers as much as going to remote places to learn more about the different creatures that share our planet. Love of the outdoors and of a variety of outdoor sports. Driven to learn and expand my own consciousness and understanding through curiosity and love of life. Creative skills merge with analytical ones, leading to an interest in a myriad of topics; ranging from politics, economics, science to environmental. Motivated to use my art, music and writing to support and educate people towards humane practices that support and respect all of life, including practices supporting a healthy planet.

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