Ideas towards a new international financial architecture?
Edited by Oscar Ugarteche, Alicia Puyana and Maria Alejandra Madi
Chapter 1: The Need for a New International Financial Architecture by Oscar Ugarteche, Alicia Puyana and Maria Alejandra Madi 2
Part I – The great crisis and policy challenges
Chapter 2: The great global financial crises: official investigations, past and present, 1929-2011 by Carlos Marichal 19
Chapter 3: A new financial governance model for the new global economy of the 21st century by Constantine E. Passaris 45
Chapter 4: Public debt is economic nonsense by Gerson P. Lima 74 Part II- Rethinking the international financial architecture 98
Part II- Rethinking the international financial architecture
Chapter 5: Re-engineering the economic processes by Tim Knight 99
Chapter 6: Infrastructure without debt by Ellen Brown, J.D. and Uli Kortsch 119
Chapter 7: Globalization and an international monetary clearing union by Paul Davidson 143
Chapter 8: A new international financial architecture: The regional versus the global view? by Oscar Ugarteche 175
Concluding remarks: A new world is possible and necessary by Alicia Puyana and Oscar Ugarteche 207
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In the short span of a few essays, this book manages to take the reader on a trip from the historical roots of the current financial architecture to the imaginable futures one can envision for it, only if there is the political will to change it. If we accept that, as put by the editors, financial markets’ marginal imperfections are rather endemic pathologies, the consequences for the financial architecture have Copernican proportions. Every scholar and practitioner interested in the problems posed by the global economy at a critical moment when it has reached what looks like a dead end, will appreciate the refreshing inspiration offered by the authors that a star editing team has put together.
Aldo Caliari, Director, Rethinking Bretton Woods Project, Center of Concern
The stagnation that we suffer since 2008 was originated by the global financial crisis of a system that is outside the control of national governments and has a dynamic of its own. In a few chapters, the book offers a historical account and a perspective of what could be a more rational financial system if there were political will to change it. All those interested in this topic will find in the ideas presented by this combination of authors, a deep understanding of the subject and inspiration for future research.
Juan Carlos Moreno Brid, UN Economic Commission for Latin America and the Caribbean. He is Professor at the Faculty of Economics, UNAM, Mexico
The issue at discussion is central to the economic stability of the dominant capitalist organization. As the book authors argue the financial institutional settings were profoundly modified in the 1970s, imposing new instruments, new mechanism, new institutions that revolutionized the world of finance, missing a central characteristic: financial regulations. The demonetization of gold coupled with private financial instruments switched from a monetary to a credit system, structurally endogenous, characterized by the authors as “hedging based” founded on “risk elimination operations” skyrocketed debts, financial gains along with limitless financial innovations. In this context the book conclusions is of outmost importance: taxes on financial activity, new ways of financial accounting, sovereign debts regulators as the new central bank supervisions are vital to overcome the present crisis and set the grounds for a new period of economic growth and development.
Noemy Levy, Professor at the Faculty of Economics, UNAM, Mexico
Since the last 2008 economic crisis the implementation of a new financial institutionality is taking too much time, showing the current correlation of power. One of the reasons that can explain what is happening is the “extreme brevity of the financial memory”, mentioned by James Galbraith in his book: A Short History of Financial Euphoria. The discussions at multinational level require more action and inputs as those in this book. Congratulations!
Katiuska King Mantilla, Tax Justice Network