YOUR AD HERE — REACH DISCERNING READERS OF SERIOUS JOURNALISM
Rates upon inquiry. Clowns extra.
WORLD✒ EDITORIALABSURDITY:
How to Write Better Rules for Global Finance
Filed 1h ago · Via Foreign Policy · The Buffoon Desk
THIS STORY IS SCORED
Doh De Oh
Kevin MacLeod · incompetech.com · CC BY 4.0
Photo: Antonio di Niccolò (1445-1527) · Public domain · via Wikimedia Commons
Writing in Foreign Policy, economist Mariana Mazzucato argues the post-1944 Bretton Woods system, which built the IMF and World Bank, was never neutral but encoded the interests of a small group of wealthy nations from the outset. She says what is fraying now is not the rule of law itself but the legitimacy of rules that socialized risk while privatizing reward and sidelined most of the world's countries from decisions shaping their futures.
Her proposed remedy is to organize a new global economic system around 'the common good' rather than treating public goods as leftover gaps the private sector failed to fill. The essay does not specify which institutions would adopt this principle or how it would be enforced against the same wealthy nations that wrote the last set of rules.
The full dispatch is available from the source below.
✒ FROM THE EDITORIAL DESK
Everybody agrees the old rules favored whoever wrote them, which is not exactly a discovery on par with finding out water is wet. The harder question, who actually redraws the map and gets the powerful countries to hand over the pen, goes mostly unanswered here. An organizing principle is nice, but the IMF's board seats did not get reassigned by anybody publishing an essay about compasses.
