View Full Version : Opinion: Call for new economic world order

September 3rd, 2011, 08:11 PM
An interesting commentary from a South African publication I think on the need for a more inclusive "world order" where emerging economies have a greater say and voice in the direction of world economic affairs. The emphasis I have added should build a clear picture of the statement the author makes, namely developing countries being moved front and center on the platform of a "new world order".

Call for new economic world order (http://www.iol.co.za/sundayindependent/call-for-new-economic-world-order-1.1122691)

The world is in a state of turmoil both economically and politically. The protracted economic crisis in Europe, the downgrading of the US from AAA to AA for the first time since 1917, and rising unemployment in the developed world are indicative of the need for new solutions to old problems....

Writing on Europe’s crisis in the International Herald Tribune, on August 17, Gordon Brown, the former UK prime minister, argued: “These past few weeks have demonstrated that Europe has a deeply flawed banking system, a widening competitiveness gap, and a debt crisis that cannot get much better if the economy gets worse”. He is right.

.....in the long run South Africa cannot be totally immune to the effects of the global economic crisis. That is why I strongly believe we should call for a new world order in which emerging market economies such as ours are accorded an effective role and voice in global financial governance.

The soundness and robustness of our financial governance architecture puts us in good stead to shape global discourse on the reform of the existing order in the architecture of global financial governance.

What we need is not more but smart regulation that will unleash the forces that are key to propelling and sustaining sound and globally competitive economies.

This can and must be done.

However, all key actors (state and non-state actors and developed and developing economies) ought to be part of the process of co-creating a solution. The global crisis partly tells us the days when the West had a monopoly on what is right in global affairs are increasingly over....

This is the time for bold reforms. But what is required to advance a new economic agenda for a new world in which emerging markets are centre-stage and not on the margins?

....If emerging markets are increasingly looked to to lift the world out of the crisis (as indeed they are) they should also be looked to to play an effective role in shaping a new architecture of global financial governance and should be accorded an effective voice and role.

The state of flux in global financial markets and the chaos in some parts of the global body politic requires us to ask certain fundamental questions about the state of the world we are in.....

We need to remember that, as the British scholar Daniel Bell noted, the state, acting on its own, is too big for the small problems (such as service delivery, neighbourhood watch and running companies efficiently) and too small for the big problems such as (money laundering, human trafficking, global crime syndicates, global terrorism and climate change).

It is usually the case that in times of massive global crisis there is a risk of narrow nationalist and short-term thinking to blind political and business leaders in pursuit of short-term political gains.

This is a time when more, not less, global co-ordination is required to find global solutions to global problems. More than ever before, enlightened and bold leadership is required in global business and political affairs.

However, we are seeing an unhelpful and unhealthy expansion of the geographic distance between government and business at both local and global levels and more divisions between politicians at both levels.

The credibility of business and political leaders is on the decline as countless surveys indicate an erosion of public trust and confidence in the face of the global turmoil we are seeing. There is a need for a new leadership ethic grounded on serving and promoting the long-term interests of a stable and better world for all.

We need a new approach to global competitiveness, growth and value and benefit creation for shareholders and stakeholders. The state of flux in global economic and political affairs provides an opportunity for innovation to create a more inclusive and equitable world order in which emerging markets and Africa countries are mainstream – not peripheral – players. This, however, requires a lot of hard work to change hitherto existing power relations that suited and benefited some more than others. This can and must be done.

September 3rd, 2011, 08:13 PM
The ideas, the structure, it's all there. All we need is the AntiChrist, who after receiving glory from the world for his genius deal with the Israelites, will see the global government through.

September 4th, 2011, 12:56 AM
The people of this world are definetly ready for a NWO. Rei is correct all they need is the antichrist.

September 4th, 2011, 02:16 AM
Agree on both^^, the world is certainly ready and will soon be thrust to the point of absolute no return - the AC will come to the rescue of what I'm guessing will be collapsing world financial systems occurring simultaneously with major war between Israel and surrounding arab countries. Seems to be lining up that way.