A better world is possible - Global Commons Institute

Copyright Bruce Nixon 2010. All rights reserved. This electronic copy is provided free for personal, non-commercial use only.
www.brucenixon.com
Huge inequalities of power, knowledge, education, training and access to capital between and
within nations.
Inequalities in finance are due to:
Massive scale of financial in- and out-flows relative to real economies that have highly destabilising
effects.
Inherent volatility of international flows largely driven by speculation.
International financial crises which devastate emerging developing economies.
Tendency for crises to spill over from one to other developing economies
Focus on what developing economies should do rather than the need for developed economies to
regulate
Strong discouragement of capital controls in favour of liberalisation.
Trade Related Investment Measures (TRIMS) prevent developing countries insisting that foreign
investors use some local procurement.
“Good” trade as opposed to “bad” needs to be defined. The International Institute for Environment and
Development (IIED) says:
“Sustainable trade takes place when the international exchange of goods and services yields positive social,
economic and environmental benefits reflecting four core criteria of sustainable development:
It generates economic value.
Reduces poverty and inequality
Regenerates the environmental resource base
Is carried out within an open and accountable system of governance”
For this to happen these are prerequisites:
Basic levels of social and economic rights for all peoples
Factoring in environmental costs in all transactions
Removing economic injustices
Regulating trans-national corporations (TNCs)
Regulating international financial institutions
Effective capital controls to a) prevent damaging speculative flows that are anathema to sustainable
development b) encourage positive flows that support sustainable development global governance
to create and maintain this system
Radical rethink of the ownership models of “natural resources” such as water, land, minerals, fossil
fuels and air
The starting point for a just and sustainable trading and financial system must lie in basic social and
economic rights and corresponding duties. This must mean that all human beings have not only enough to
eat, but fair wages, health care and good education. Southern countries must have the right to protect their
markets and production crucial to food sovereignty. This requires major redistribution and investment at
national and global levels. This in turn requires consideration of global taxation and redistribution that is just
and progressive. International trade in food products would only be developed where a)food security was
already strong and b) the product bore the true costs, both of production and the real ”carbon costs” of
transport. In a carbon constrained world, in which oil prices will steeply rise, long distance transportation of
most goods is likely to become non-viable. There will be a huge resurgence of local markets except for goods
unique to particular regions or where large scale economies are overwhelming – e.g. the production of large
aircraft. A C&S system would give many developing countries with relatively abundant renewable energy
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