The United States, Canada and the New International Economic Order

8.16 The New World Economic Order
Free download. Book file PDF easily for everyone and every device. You can download and read online The United States, Canada and the New International Economic Order file PDF Book only if you are registered here. And also you can download or read online all Book PDF file that related with The United States, Canada and the New International Economic Order book. Happy reading The United States, Canada and the New International Economic Order Bookeveryone. Download file Free Book PDF The United States, Canada and the New International Economic Order at Complete PDF Library. This Book have some digital formats such us :paperbook, ebook, kindle, epub, fb2 and another formats. Here is The CompletePDF Book Library. It's free to register here to get Book file PDF The United States, Canada and the New International Economic Order Pocket Guide. Meanwhile, some European nations began denouncing the manifestations of American hegemony the enormous expansion of U. Another characteristic of the era which began in has been the emergence of the Third World. From the beginning of decolonization, these nations, which had nothing in common aside from poverty, sought to achieve solidarity. Such hopes, expressed at the Bandung Conference of , were at first frustrated. Yet, more recently solidarity began to emerge. The "Group of 77," formed in to defend common positions at the UNCTAD Conference in Lima, comprises today about countries and plays a major role in international organizations.

This site uses cookies to improve your user experience. Click here to learn more. In-depth analysis delivered weekly - Subscribe to our newsletter, featuring our editors' top picks from the past week. Sign in Subscribe. Subscribe Login Sign up. Foreign Policy. Login Sign up. On that last point, British management consultant Francis Kinsman has found a similar pattern among British teenagers:.

The global consumer culture contains such everyday items as soft drinks notably Coca-Cola and Pepsi , McDonalds there is a new store opening somewhere around the world every 15 hours , television programmes such as Dallas and Dynasty , movies such as Jurassic Park , and pop music. Another aspect is the creation of the global middle class. For example, a US-based corporation will be more concerned with selling to the emerging middle class in India or other parts of Asia, than it is to the people who cannot afford to buy its products in New York. The class therefore crosses national boundaries and has a largely a-historical approach to life.

They are interested in present pleasures - not past events. Another example comes from the Australian religious writer John Reid, who was depressed when he journeyed to the Japanese city of Hiroshima for the 48th anniversary of the atomic bombing. On his way through Hawaii he noticed that "relics of the Pearl Harbour attack are more tourist traps than memorials.

Junk souvenirs are sold to tourists, most of whom are Japanese on their short whirl-wind overseas holidays. The greatest irony is to see whole gaggles of young Japanese in escorted groups, all wearing baseball caps or T-shorts, often emblazoned with Arizona Memorial insignia" [16]. An Australian irony is that there were only two places on the Australian mainland to sustain World War II Japanese attacks: Darwin the more serious of the two in terms of physical damage and Sydney Harbour which generated far more fear among the Australian population. Potts Point, the Sydney Harbourside location where Japan did the most damage, is ironically, the place with the greatest Japanese tourist presence.

The present international economic order was created at the end of World War II and it was done in the context of forming the UN. The system was based on international financial institutions within the UN and used the US dollar as the basic international currency. The system worked well for about two decades. But it has been in increasing disarray the past three decades. The UN's attempts to create a new international economic order have failed. The irony here is that while the UN itself has failed, a different sort of global financial revolution has taken place - based on transnational corporations and the creation of a global economy.

The previous international economic order was run from London. The British acquired an empire in an indirect way: the flag followed trade. Later on in the 19th century, British influence was solidified by direct British rule. The British "tribe" dwelling around the globe provided what was then the world's best financial network.

International trade was based on the gold standard. All currencies were linked back to gold. If a nation imported more than it exported, then money left the nation. This reduced the money supply within the nation, which depressed the prices of goods and labour.

This in turn meant that the nation's exports were cheaper and so were more attractive for foreign buyers. Thus, the economy picked up, which then meant in due course a fresh problem because imports were running ahead of exports. And so on. The gold standard was abandoned in the Great Depression of the s. All nations devalued their currencies to lower their export prices and so attract foreign customers. British supremacy was further eroded by the financial impact from involvement in the two World Wars.

By , the US produced about a third of the world's manufactures, which was more than twice the production of Nazi Germany and almost 10 times that of Japan. By the late s, US companies were interested in foreign markets. But many of these were behind the wall of British "imperial preferences". The British Empire was based on sterling the world's main currency and priority for British investment and colonial exports were all within the Empire.

Thus, the US had to remove that system of British imperial preferences. The US became worried that the war's long-term financial implication would be a post-war world consisting of bankrupt nations heavily in debt to the US. That would put the US in the prime financial position but it held out little hope for continued US expansion if there were no foreign markets able to buy US goods. There was also the risk that bankrupt nations would be unstable and so there could be fresh threats from nazi or communist movements and governments.

Thus, the international economy had to be rebuilt. This would be done best with the US at the financial centre - in the US commanded 40 per cent of the world's economy - with the US dollar rather than the UK pound as the basic currency, and with nations committed to free trade thereby ending the system of imperial preferences. The US had got itself out of the Depression by the "New Deal", which resulted in the government becoming far more involved in the US economy than ever before, and the war further encouraged that involvement.

There was now to be an international "New Deal", which would help the global economy to recover and it would prove to the USSR and any of its potential supporters that capitalism - rather than communism - was the better economic system. John Maynard Keynes was recruited in from Cambridge to the Treasury to work both on how the UK was to avoid being bankrupted by World War II and to recommend the creation of a post-war economic order. During the war he produced a detailed scheme for an international "Clearing Union" with "Bancor" as its unit of exchange; with big initial credits; with unlimited liability in the sense that like any banking concern it could build up its assets without a ceiling as it went along; with substantial obligations upon creditor as well as upon debtor countries; with a leadership role for the US and UK; and with the right of any country to devalue its currency by up to 5 per cent a year without prior permission.

This proposal led to the eventual establishment of the International Monetary Fund and the World Bank. But the UN's financial agencies are far less than Keynes envisaged:. The World Bank provided, via grants from developed nations, a system of long-term loans to help economic development. The World Bank's lending policy was conservative: it liked infrastructure projects such as roads and dams rather than investing in people such as education and health.

The biggest World Bank loan in the late s was to Australia to help finance the Snowy River scheme. The IMF was concerned about short-term liquidity problems in government expenditure and national income. There was little point in collecting US dollars to buy gold since central banks could do nothing with it; gold earned no interest. US dollars, by contrast, could be used to buy goods and services overseas. The s were a golden period when the international economic order flourished.

An important component of the Bretton Woods system was the value of the US dollar vis-a-vis gold. The US dollar then formed the basis of the exchange of other currencies. This system required the US Government not to have budget deficits since it was necessary to avoid a surplus of US dollars unbacked by gold. That was not a problem for the Truman and Eisenhower Administrations and the latter even ran up a few budget surpluses. President Kennedy followed that policy.

But he also contributed to its eventual erosion by increased involvement in what was then a small war in Vietnam. He stepped up the number of US "advisers" in Vietnam. His successor Lyndon Johnson expanded the US presence considerably from onwards. The US had paid for its involvement in the two World Wars by saving schemes and increased taxes. The Vietnam war was too unpopular for such schemes and so the US printed extra dollars.

The current situation is that the price of gold is "floating" vis-a-via the US dollar, and every other currency is also "floating". This means that currencies vary in price against each other every second per day - and this variety makes foreign trading, borrowing and investing a risky undertaking. Transnational corporations speculate on currency fluctuations. The stability of has vanished. The post-war economic boom was partly fuelled by cheap Middle East oil.

The price actually went down in the s. The Arab nations used their oil - or, rather, the threat of not selling it - as a weapon to reduce support for Israel. The price of oil quadrupled in seven months. The era of cheap oil is over. There is still a great deal of oil in the world. But the cost of getting it out of the ground is becoming more expensive since it is at less accessible depths or in less accessible locations. The General Assembly, which contains all of the UN member-nations, adopts non-binding resolutions after extensive debates. It is a unique place for seeing how nations feel on all the world's major issues.

Its regular sessions run from September to December each year. The General Assembly can also meet in special sessions between January and August. This is a rare procedure since a special session is difficult to organize at short notice. However, the break down of the Bretton Woods system in and the volatility of "petrodollars" gushing through the international economy meant that developed nations were anxious to see some global economic reforms. Ironically, the Third World had been saying this for over a decade but it had received little support from Western nations.

This was only the sixth special session in 29 years and it was the first on economic development. It was a session with conflicting objectives. The developed Western nations wanted to find a replacement for the Bretton Woods system. But the Third World wanted a much deeper change which would address the damage done by their colonial exploitation in the old economic order. This began around AD, when Europeans commenced sailing to all parts of the globe. They went in search of gold, silver, spices and other commodities.

The exploitation of Africa was also done to create a triangular trade: European manufactured goods were used to buy African slaves from Arab slave traders, the slaves were shipped across the Atlantic - over 11 million people - and they worked on sugar, cotton and tobacco plantations, with the produce being shipped to Europe. Land in the Americas was also taken over by people wishing to escape religious persecution in Europe.

Australia was taken over as a dumping ground for British convicts. There were then, various motives for colonization. The overall effect was that thriving original cultures were destroyed and European citizens and values were imposed. Most of the European empires were wound up by the s. But now there is economic neo-colonialism: the economies of most Third World nations are still influenced by the terms of trade laid down in colonial times. Most Third World nations still export raw materials and have to import manufactured goods from the developed world.

The Third World wanted a new international economic order based on the following principles: improved terms of trade for commodity exports, national control over natural resources, increased foreign aid the UN set the target of O. Two decades later, the quest for a new international economic order has remained a failure. In February , the UN reviewed the activities over the previous decade:.

The UN failed to create its own new international economic order - but transnational corporations have managed to create their own. Most of the UN's debate about the international economy is conducted as though corporations do not exist. But corporations are a major force in that economy.

First, they have helped to create one global economy. If you can't beat them, join them. Money, for example, moves freely through the global economy. Until recently, money moved slowly because of strict national banking regulations. The regulations were weakened in the s.

Meanwhile, the collapse of the Bretton Woods system has meant that money is itself a source of money in that corporations speculate on the changing value of currencies. The dealers can force up or down the value of currencies. For example, in late July , the speculators moved in the French franc and began selling it.

The central bankers especially those of France and Germany moved in on to protect the franc by buying it with foreign currencies [19]. Second, transnational corporations operate across national boundaries. They can play governments off against each other; if one government tries to get tough with a corporation it will try to find a more congenial environment in another nation. Third, corporations are driven by the need to make profits. They have no intrinsic altruistic need to help poor people - they are interested in people who have money to spend. They were not interested in the UN's ideas for helping the Third World - unless there is money in it for the corporations.

They were not consulted about the ideas in the s for creating a new international economic order and have expressed no interest in the idea. Fourth, corporations create a global consumer culture. They can pick up a marketing idea such as hamburgers or soft drink and quickly create a global appetite for it.

For a New World Economic Order | Foreign Affairs

Third World nations which ought to be spending money on education, bridges and irrigation systems are having their funds siphoned off by the urban middle class on consumer goods. The world has undergone during the past half century the largest financial revolution in the earth's history. The revolution has been characterized by four developments. First, the Bretton Woods system devised half a century ago has collapsed and governments have not been able to negotiate a replacement.

Instead, they have become accustomed to trying to cope with the failure of that system such as fluctuating currency rates rather than agree on a fresh system. Second, transnational corporations have become a major economic force. Their presence helps explain the failure of creating a new international economic order: governments will make little progress on a new order without involving corporations in the negotiations, and governments are unwilling to do this since it would represent an acknowledgment of the power of the corporations.

Third, the post-war boom has gone and the world has little of a permanent nature to show for it. The resources went in a consumer frenzy rather than creating an infrastructure that would be of use to later generations. Finally, another aspect of the wasted nature of economics has been the continuing debt crisis in the Third World. Some of the money that could be used for such work is going to foreign banks to repay the debts. The children are paying the price for the wasted money.

To conclude, it is important that consumers recognize that they have a direct role in working for a better international economic order. It is possible to do well by doing good: to use a person's wealth in the interests of social justice. Some aspects of personal consumption especially tobacco, alcohol and gambling have long attracted criticism by Christians and others wishing to lead a more wholesome life. Given the present governmental campaigns in many nations to encourage citizens not to drink or smoke, this prophetic work is now being vindicated. However, far less attention has been given to the positive use of money - using money in such a way as to change commercial practices.

There are seven ways in which this can be done: boycotts, "girlcotts", buying goods made under just working conditions, investment guidelines, not investing in corporations which you disapprove of, socially responsible investment, and going where the banks will not.

Key Points

Then there are proposals to develop a constituency-based approach to membership, with universal participation as in the case of the international financial institutions. The Pope's intention was to remind Christians that the church had always sided with the poor and he called for a remedy to the social problems arising out of the exploitation of the working class under capitalist development. Krueger and A. The global economy is picking up speed from the recession but the traditional jobs especially in manufacturing have gone permanently to low-cost developing countries. For the governing powers of the north, the emergence of the NIEO reinforced the sense of global crisis that had been building for years across several fronts. The dealers can force up or down the value of currencies.

The most famous consumer boycott is that conducted against the makers of infant-formula powdered milk [20]. The argument over infant-formula in the Third World rests on three points. Use of it detracts from breast milk, which provides initial near-perfect nutrition, protects against disease,and is virtually costless. Lactating mothers are less likely to conceive than mothers who are not breast-feeding.

Additionally, because powdered milk is often mixed with unclean water and served in unclean bottles, its use can lead to malnutrition, disease and even death. To be safe, water must be boiled for 20 minutes; fuel for the fire is not cheap. Since many of the parents are illiterate, they also cannot read the instructions on the packets as to the right proportions of water and powder to use.

Finally, powdered milk, which is often supplied free in hospital,has to be paid for when mother and child return home and so it represents a financial burden for the family - especially when the alternative is virtually costless. There are some circumstances where infant-formula is justified. Consequently the critics have not campaigned against it in principle, but about the aggressive marketing techniques of the companies - for example, offering inducements to hospital employees to recommend infant formula.

In the early s, the British NGO War on Want was curious about the irony that more foreign aid than ever was going into Africa and yet babies were still dying. Then it hit upon the idea that infant formula TNCs were contributing to this problem.

The Economic Vision of the NIEO

TNCs ignored the call. In the lates NGOs began to call for boycotts of other products made by the infant-formula companies, such as Nestles, which makes Nescafe coffee. The World Health Organization responded to the campaign by drawing up a voluntary set of marketing guidelines. The International Code states, among other things, that there should not be free samples, promotion of products in health facilities or gifts to health workers.

It has also been encouraging governments to adopt binding legislation to assist the observance of the voluntary code. The infant-formula campaign has become the classic case study of the effectiveness of consumer boycotts. It has greatly influenced international organizations, changed the practices of transnational corporations, and has been a good medium by which to inform people in developed nations about economic and social development.

Although the campaign has still not achieved all that was hoped for it, it showed that the boycott technique could be effective. It was an example of "thinking globally and acting locally" since it gave the individual or family a specific task to do which would contribute to a better world. People get to vote for politicians only every few years. But they "vote" for some products on an almost daily basis. Every time people buy a product, they cast a "vote" in favour of that product and yet they seldom think of the ethical consequences of casting that "vote".

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The campaign called upon people to think about the social responsibility of their consumer patterns. It has focussed on General Electric, the US's second largest manufacturer of nuclear weapons. GE was chosen because of its vulnerability to a consumer boycott: over 30 per cent of its sales come from ordinary consumer items such as washing machines, dryers, home video machines and light-bulbs.

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Its nuclear weapons work, while lucrative, constitutes only about 10 per cent of those overall sales. The campaign encouraged people to question their behaviour: if you oppose nuclear weapons, why support the corporations which build them? People may have felt uncomfortable about joining in peace rallies, but buying a "nuclear free" washing machine - rather than a GE one - created no discomfort.

GE is a leader in the global market for high technology medical scanners and diagnostic imaging equipment.

Revisiting the new international economic order

Medical NGOs, such as the International Physicians for the Prevention of Nuclear War, recommended to their members that they not buy GE medical equipment - and to buy "non-nuclear" medical equipment instead. On May 1 , INFACT began its third major campaign for corporate accountability: taking on the deadly tobacco industry in order to stop the marketing of tobacco to children and young people around the world. Tobacco and weapons are the only products that kill or injure when used as intended.

Cigarette smoking kills between 2. Girlcotts complement boycotts. As in the GE example, a girlcotting consumer deliberately bought a product or service in this case, a washing machine from a corporation that was not also making nuclear weapons. The Baltimore-based Nuclear Free America peace group has drawn up a list of six major corporations involved in the long-distance telephone business.

Three are also involved in making nuclear weapons. It has recommended three be boycotted and the other three girlcotted. A variation of the boycotts and girlcotts projects is to buy goods that are made by workers who are not being exploited. The fourth approach is to draw up investment guidelines. There was to be no investment in major defence contractors, or corporations which injure the environment, discriminate against women or minorities, or are involved in repressive regimes like South Africa under apartheid. The implementation of a set of guidelines may require the sale of investments "divestment".

In late , for example, the Evangelical Lutheran Church of America became the first mainline US Protestant denomination to establish a schedule for total divestment of its pension funds from corporations investing in South Africa. The most famous case of "divestment" is the withdrawal of funds from South Africa. This began the long process of both informing Americans about the evils of apartheid and using investment as a lever on the minority white government.

Bishop Peter Storey, of the South African Methodist Church, toured Australia in June , thanking Australians for their participation in the divestment campaigns and the sporting boycotts of South Africa. He said that all this effort had contributed to the "South African miracle": the transition of power from the apartheid regime to the democracy headed by President Mandela. The fifth approach is to buy shares in corporations of which the person is critical. For evil to succeed, it is enough that good people do nothing. A great deal can be achieved by working for change inside the corporation.

Buying shares in a corporation enables the shareholder who is thereby one of the "owners" to raise at annual general meetings issues of concern about corporation policies. They can, for example, have resolutions adopted instructing the management not to invest in say certain nations or products, or to produce a report on what the corporation's impact is on say the Third World. The sixth approach is the investment in socially responsible funds. Social investment funds began in the US in the late s with people wanting to make sure that they did not invest in the military-industrial complex.

Because of the Vietnam war, the complex was booming and some people were troubled that they may be opposing the war publicly and yet benefiting from it financially. Two decades on, this form of investment is firmly established - and doing well for its clients. It is incorrect to think that profits can only come from investments in companies whose produce may trouble Christians and others with similar ethical principles.

Individuals no longer have to be torn between investments in the planet's future and their own. Their principal can be reconciled to their principles. The final approach is for churches and other NGOs to go where the banks will not. These projects may occur where the amount required to be borrowed is so small that the banks lack the financial incentive to provide the money - the cost of the paperwork would exceed the eventual return.

These people lose out not because they have unprofitable proposals but ones which are too small. Groups concerned with Third World development can be helpful here. Alternatively, the proposals may be large but appear to be unprofitable. The standard example of success is from one of the worst of Chicago's slum areas: the South Shore Bank. This is the US's first neighbourhood bank. In the bank, equipped with money from outside the area including to date several millions in church deposits , started providing loans to local borrowers to renew the neighbourhood, such as for housing, energy conservation and training programmes.

This implication of this type of banking is that it is good for depositors. Depositors in the s are paying for the banking excesses of the s, when irresponsible loans were made to people who cannot - or will not - repay the money. Ordinary depositors are paying for the scandals of the s. But at Chicago's South Side, there is no scope for such irresponsibility in loans - and therefore it is a safe place to make deposits. South Side is setting an example in integrity for banking TNCs. To conclude, the pioneering work done mainly by US churches provides much stimulation for thought.

First, money has traditionally been a tool of exchange.

The New International Economic Order

It is now possible to make money a tool for positive economic and social change. Second, many people in developed nations are contributing to pension funds. These quiet giants own the bulk of the shares on stock exchanges. Consequently, these people are capitalists whether they like the label or not and ought to pay attention to how their money is being used. Third, the s were the decade of the "greed is good" mentality, when you had to do unto others before they had a chance to do it unto you.

We will be paying the price for that mentality for years to come. It is essential that churches become more involved in the debate over business ethics. Fourth, the socially responsible use of money is an opportunity to introduce a new competitive factor into the marketplace. It is a way of encouraging corporations to compete to have the best record for, among other things, production for a peacetime economy, for good pollution control, for fair employment practices, and for providing a safe workplace for their workers.

There is a very long way to go before TNCs get a reputation for justice. NGOs are also important in helping to focus public attention on the significance of TNCs in economic development - something that the government and mass media often overlook. About this document click for more. The "New Right," history of economic philosophy and the role of the Church in Europe, challenges of the global economy, the failure of the UN to deal with the problems of the globalized economy, and how NGOs and individuals can work for economic justice.

This document is no longer available at its original host; mirrored from archive. The International Commission on Peace and Food has reported: The end of the Cold War was expected to usher in an age of peace, but actually violence is on the rise in both developing and developed countries because of the widening gap between human expectations and achievements.

This growing gap between expectations and achievements is at the root of contemporary turbulence worldwide. As the International Commission noted: If humankind could mobilize and apply the same efficiency to the war on poverty and unemployment that it exhibited in preparing for and waging military wars against each other, very soon there would be no more poverty or unemployment to fight. This, too, aided the UN's discussion's The purpose of this presentation is to give some of the background to the debate over economic justice. This presents fresh challenges, The fourth matter is the failure of the present UN to deal with the problems of the globalized economy.

As J L Brierly in his standard book on international law explained: But just as the state was gradually consolidating its power against the fissiparous tendencies of feudalism within, so it was more and more resisting the division of authority imposed upon it by the church from without; and this latter process culminated in the Reformation, which in one of its most important aspects was a rebellion of the states against the church. It declared the determination of the civil authority to be supreme in its own territory; and it resulted in the decisive defeat of the last rival to the emerging unified national state.

Over about half of western Europe the rebellion was completely and evidently successful; and even in those countries which rejected Protestantism as a religion, the church was so shaken that as a political force it could no longer compete with the state. The Peace of Westphalia, which brought to an end in the great Thirty Years War of religion, marked the acceptance of the new political order in Europe.

The new way of western economic life, which was born in , died queuing for petrol at a service station in October The Keynesian Revolution had apparently run out of steam. Kenichi Ohmae, a Japanese business consultant, has coined a new term: the Inter-Linked Economy ILE of the Triad US, Europe and Japan , joined by the Asian "tigers" such as Taiwan, Hong Kong and Singapore : The emergence of the ILE has created much confusion, particularly for those who are used to dealing with economic policies based on conventional macro-economic statistics that compare one nation against another.

Their theories don't work any more. While the Keynesian economist would expect to see jobs increase as an economy picks up, the ILE economy sometimes disappoints them. Jobs might be created abroad instead. If the government tightens the money supply, loans may gush in from abroad and make the nation's monetary policy nearly meaningless. If the central bank tries to raise the interest rate, cheaper funds flow in from elsewhere in the ILE.

For all practical purposes, the ILE has made obsolete the traditional instruments of central bankers - interest rate and money supply. The late Armand Hammer, a US businessperson who ran a "minor" oil company Occidental competing the against the oil "majors" the Seven Sisters , recalled how the Seven Sisters two of which are supposed to be governed by British citizens , were eager to exploit the British government's ignorance of the North Sea oil industry: Denis Healy, Chancellor of the Exchequer in Harold Wilson's Labour Government, put it well when he said that the discovery of oil in the North Sea was "Britain's first major stroke of luck in the twentieth century".

He was concerned about the transfer of jobs from developed to developing countries, where labour costs are low and environmental protection legislation is weak Given the present stress on a market-driven economy, together with low cost communications technology, there is every reason to believe that these will not be isolated phenomena.

The process began in the US. As the Washington-based Worldwatch Institute reported: Particularly in the United States, shopping seems to have become a primary cultural activity. Americans spend six hours a week doing various types of shopping, and they go to shopping centres on average once a week - more often than they go to church or synagogue. Some 93 per cent of American teenage girls surveyed in deemed shopping their favourite pastime.

They have short-term goals and most of them are practical and materialistic. They feel that money is the doorway to modern life and that work is a means of providing status rather than fulfilment. They are determined to become adults as quickly as possible. The fear of unemployment has shaped their lives with an orthodoxy and conformity that seems unreal to their elders who recall their own teenage years as exploratory and rebellious. The greatest irony is to see whole gaggles of young Japanese in escorted groups, all wearing baseball caps or T-shorts, often emblazoned with Arizona Memorial insignia" [16] An Australian irony is that there were only two places on the Australian mainland to sustain World War II Japanese attacks: Darwin the more serious of the two in terms of physical damage and Sydney Harbour which generated far more fear among the Australian population.

But the UN's financial agencies are far less than Keynes envisaged: The Americans, with moderate but not complete foresight, saw themselves as the perpetual creditor nation. They did not therefore want heavy obligations on creditor countries; nor did they want unlimited liability; or easy devaluation; nor a special joint leadership role for Britain. But essentially they thought that the dollar, linked to gold, could perform the pivotal role. In February , the UN reviewed the activities over the previous decade: The s was characterized as a decade of unsatisfactory progress and performance.

Adverse and unforeseen developments in the world economy - recession, shrinking resource flows, declining commodity prices, rising interest rates, trade barriers, excessive debt, to name but a few - undermined economies and shrank overall growth in the developing countries to about 3 per cent annually, and per capita growth to 1 per cent, compared to averages of 5. The gap between rich and poor countries widened further. Lamentably, UN projections indicate that the s will be much like the last decade.

Boycotts Boycotts are well known. Some people already boycott alcohol, tobacco and gambling. Buying Just Goods A variation of the boycotts and girlcotts projects is to buy goods that are made by workers who are not being exploited. Investment Guidelines The fourth approach is to draw up investment guidelines. The US-based Stanley Foundation a pioneering NGO researching into the importance of NGOs - "societal groups" - in global politics , has noted the impact of this type of work: The anti-apartheid movement is often cited as a compelling example of the growing impact of societal groups and the increased role of state and local actors in influencing US foreign policy.

The movement engaged thousands of Americans in concrete efforts to put pressure on the South African apartheid regime and to reverse the Reagan administration's policy of "constructive engagement". Even for Americans who did build a shanty on a university quadrangle to urge divestment or stage a protest in front of a South African consulate, the movement contributed to a broad-based US fascination with South Africa. Most Americans may not know much about Africa, but the events and activities which surrounded and emanated from the anti-apartheid movement have forged a special connection between US and South African societies.

Buying Shares The fifth approach is to buy shares in corporations of which the person is critical. Socially Responsible Investment Funds The sixth approach is the investment in socially responsible funds. Whether the budding entrepreneur is a man or a woman, South Side provides training to ensure that its loan recipients have a clear business plan and a good chance of success.