From Poverty to Power Green, Oxfam 2008 - weman

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5 THE INTERNATIONAL SYSTEM FINANCEIn December 2002, Nestlé agreed to return a $1.5m settlement to theEthiopian government to be put towards famine relief, after a campaignby Oxfam and others. 29 These were high-profile brand-name companiesworried about their reputation. Vulture funds have no such scruples:although the G8, the IMF, the World Bank, and others have expressedconcern, no action has yet been taken. 30The way that debt and default have been handled represents a majorfailure in global governance, needlessly increasing the human sufferingthat inevitably accompanies economic crises and ratcheting upinequality in their wake. It has shielded banks and Western institutionsby imposing further sacrifices on those least able to cope.Twenty-five years of repeated efforts have failed to put an end todebt crises.Cancelling poor countries’ debts, while necessary, will not addressthe underlying reasons why debts build up unsustainably after eachdebt-relief exercise. Two sensible proposals would help to change theway that capital flows to poor countries. First, the poorest countriesshould receive grants, not loans. Second, creditors should share therisk, for example by tying remaining repayments to commodity prices(since a country’s ability to repay is linked to its export earnings), bylending at fixed interest rates, or by helping borrowers insure theirdebt repayments against shocks.Creditors also need to accept that both parties to a loan – lender aswell as borrower – must share responsibility for ensuring that themoney is wisely used. In 2006, the Norwegian Development Ministryshowed the way when it announced that it would cancel – withoutconditions – debts being paid by five low- and middle-incomecountries, on the grounds that they were incurred through Norway’sown ‘development policy failure’. The Norwegian governmentconcluded it had been at fault for carrying out ‘inadequate needsanalyses and risk assessments’ for export credits extended to Ecuador,Egypt, Jamaica, Peru, and Sierra Leone (the credits were related toNorway’s Ship Export Campaign of 1976–80, which sought newmarkets for its shipbuilding industry). 31Norway’s Development Minister Erik Solheim explained that,‘By cancelling these debts we want to give rise to an internationaldebate on lender responsibility’. The G8 looked like it might take up309
FROM POVERTY TO POWERhis call the following year, when finance ministers announced theirsupport for the development of a ‘Charter of Responsible Lending’,but nothing concrete has yet been agreed.Action is also needed on so-called ‘odious debt’ racked up by corruptor repressive regimes. Until 2006 Ethiopia, for example, was stillrepaying debts incurred by the repressive Mengistu regime that was inpower from 1974–91, much of which went to finance the suppressionof the erstwhile freedom fighters who are now in government.Similarly, the ANC government in South Africa is repaying debtsincurred to prop up apartheid, and the Chilean government is payingoff debts taken on by the dictator Augusto Pinochet.A just solution would be to forgive odious debt through some formof international adjudication and, by giving the UN the authority todeclare ‘credit sanctions’ against current regimes, make it clear thatdebts to these regimes would be considered odious. This would preventthe ‘immoral hazard’ of banks and governments lending to repressiveregimes and thus saddling their peoples with the obligation to repaythe loans.One especially pernicious side effect of successive debt-reliefinitiatives has been to extend the influence of the IMF and the WorldBank. Unless these institutions are substantially reformed, we areunlikely to see the sort of just and inclusive development model thatwould make debt crises a thing of the past.FINANCIAL CRISESCitizens’ confidence is measured every four years with an election.The market measures business confidence every four seconds.MARCUS FARO DE CASTRO, BRAZILIAN ACADEMIC 32In rich and poor countries alike, the ubiquitous glass and steelskyscrapers of the banks and other financial institutions are one of thecharacteristic landmarks of the new age of globalisation. The rise ofglobal finance has been extraordinary. The breakdown in the early1970s of the global system of fixed exchange rates established at theBretton-Woods Conference in 1944 unleashed a world of financialvolatility in which huge profits could be made by those who knew howto ride the ever-increasing surges of capital flowing across borders.310
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OXFAM INTERNATIONALOxfam Internatio
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First published by Oxfam Internatio
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PART 4 RISK AND VULNERABILITY 197Li
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LIST OF ACRONYMSAIDSARTARVASEANAUCA
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ACKNOWLEDGEMENTSThe word ‘editor
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FOREWORDGeorge Bernard Shaw argued
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FOREWORDThis book, which I hope wil
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PART ONE
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1 INTRODUCTION THE UNEQUAL WORLDEnd
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1 INTRODUCTION THE UNEQUAL WORLDExt
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1 INTRODUCTION THE UNEQUAL WORLDPOV
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1 INTRODUCTION THE UNEQUAL WORLDSuc
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1 INTRODUCTION THE UNEQUAL WORLDACT
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1 INTRODUCTION THE UNEQUAL WORLDpeo
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1 INTRODUCTION THE UNEQUAL WORLDcom
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PART TWOThe political roots of deve
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2 POWER AND POLITICS THE POLITICAL
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2 POWER AND POLITICS THE POLITICAL
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I HAVE RIGHTS, THEREFORE I AMThe hi
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2 POWER AND POLITICS I HAVE RIGHTS,
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FROM POVERTY TO POWERThe attitudes
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FROM POVERTY TO POWERJain: ‘A man
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FROM POVERTY TO POWERI READ, THEREF
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FROM POVERTY TO POWEREven where pub
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FROM POVERTY TO POWERplayed a pivot
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FROM POVERTY TO POWERDespite some p
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FROM POVERTY TO POWERof sub-Saharan
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FROM POVERTY TO POWERIn water servi
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FROM POVERTY TO POWERI SURF, THEREF
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FROM POVERTY TO POWERDespite the hy
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FROM POVERTY TO POWERresearch effor
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FROM POVERTY TO POWERWE ORGANISE, T
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FROM POVERTY TO POWERreinforce disc
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FROM POVERTY TO POWERThe bedrock of
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FROM POVERTY TO POWERwith imperviou
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FROM POVERTY TO POWERgovernments an
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FROM POVERTY TO POWERCASE STUDYand
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FROM POVERTY TO POWERI OWN, THEREFO
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FROM POVERTY TO POWER‘breathe lif
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FROM POVERTY TO POWERLAND REFORM‘
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FROM POVERTY TO POWERled to the cou
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FROM POVERTY TO POWERthese things.
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FROM POVERTY TO POWERwhile Benin an
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FROM POVERTY TO POWERWhere flawed d
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FROM POVERTY TO POWERstarted to att
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FROM POVERTY TO POWERI STEAL, THERE
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FROM POVERTY TO POWERTHE CURSE OF W
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FROM POVERTY TO POWERI RULE, THEREF
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FROM POVERTY TO POWERthe turn of th
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FROM POVERTY TO POWERBOX 2.2ARE EFF
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FROM POVERTY TO POWER‘embedded au
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FROM POVERTY TO POWERIn the face of
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FROM POVERTY TO POWERcost incurred
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FROM POVERTY TO POWERIn the Horn of
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FROM POVERTY TO POWERFROM POVERTY T
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FROM POVERTY TO POWER106
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FROM POVERTY TO POWERAN ECONOMICS F
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FROM POVERTY TO POWERpicture it off
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FROM POVERTY TO POWERthe work of wo
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FROM POVERTY TO POWERWhile the envi
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FROM POVERTY TO POWERcan be broaden
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FROM POVERTY TO POWERbut are largel
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FROM POVERTY TO POWERaltogether. Ru
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FROM POVERTY TO POWERFIGURE 3.2: MO
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FROM POVERTY TO POWERin their relat
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FROM POVERTY TO POWERliving from lo
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FROM POVERTY TO POWERenvironments.
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FROM POVERTY TO POWERthem farming o
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FROM POVERTY TO POWERThe jury is al
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FROM POVERTY TO POWERor credit to i
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FROM POVERTY TO POWERplanned mill.
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FROM POVERTY TO POWERto begin with.
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FROM POVERTY TO POWERprogrammes (SA
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FROM POVERTY TO POWERfertilisers to
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FROM POVERTY TO POWERDomestic and r
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FROM POVERTY TO POWERHOW CHANGE HAP
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FROM POVERTY TO POWERTHE CHANGING W
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FROM POVERTY TO POWERThe nature of
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FROM POVERTY TO POWERNOBODY’S FOR
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FROM POVERTY TO POWERFordist mass p
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FROM POVERTY TO POWERand Palau have
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FROM POVERTY TO POWERA similar situ
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FROM POVERTY TO POWERMany unions ha
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FROM POVERTY TO POWERBOX 3.5INDIA
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FROM POVERTY TO POWERrather than di
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FROM POVERTY TO POWEROne trade agre
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FROM POVERTY TO POWERPRIVATE SECTOR
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FROM POVERTY TO POWERothers see the
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FROM POVERTY TO POWERlocal producer
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FROM POVERTY TO POWERWhile China’
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FROM POVERTY TO POWERcountries rock
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FROM POVERTY TO POWERLocal NGOs and
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FROM POVERTY TO POWERbetter off eve
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FROM POVERTY TO POWERTwenty years o
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FROM POVERTY TO POWERcompanies (for
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FROM POVERTY TO POWERhigh- and midd
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FROM POVERTY TO POWERtheir comparat
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FROM POVERTY TO POWERchange is such
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FROM POVERTY TO POWERCASE STUDYThe
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FROM POVERTY TO POWERseason, or whe
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FROM POVERTY TO POWERLIVING WITH RI
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FROM POVERTY TO POWERInsecurity and
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FROM POVERTY TO POWERand withstand
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FROM POVERTY TO POWERcomprehensive
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FROM POVERTY TO POWERFIGURE 4.2: CA
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FROM POVERTY TO POWER(although deli
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FROM POVERTY TO POWERfailure, notab
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FROM POVERTY TO POWERhave a dignifi
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FROM POVERTY TO POWERStandard beare
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FROM POVERTY TO POWERWhile more exp
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FROM POVERTY TO POWERCASE STUDYtwo
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FROM POVERTY TO POWERFINANCE AND VU
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FROM POVERTY TO POWERas the insuran
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FROM POVERTY TO POWERHUNGER AND FAM
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FROM POVERTY TO POWERfirewood for s
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FROM POVERTY TO POWERthe 1973 droug
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FROM POVERTY TO POWERA human securi
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FROM POVERTY TO POWERof the Black D
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FROM POVERTY TO POWEREveryone has a
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FROM POVERTY TO POWERstate-of-the-a
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FROM POVERTY TO POWER24-hour advice
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FROM POVERTY TO POWERTherefore when
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FROM POVERTY TO POWERgovernment to
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FROM POVERTY TO POWERwhether in the
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FROM POVERTY TO POWERIn regions pro
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FROM POVERTY TO POWERThe key to suc
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FROM POVERTY TO POWERBOX 4.5:CUBA V
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FROM POVERTY TO POWERdisaster-drive
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FROM POVERTY TO POWERIn enhancing h
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Page 277 and 278: FROM POVERTY TO POWERIn Africa’s
Page 279 and 280: FROM POVERTY TO POWERtheir source:
Page 281 and 282: FROM POVERTY TO POWERcommunity and
Page 283 and 284: FROM POVERTY TO POWERfrom this have
Page 285 and 286: FROM POVERTY TO POWERLIVING ON THE
Page 287 and 288: FROM POVERTY TO POWERLike Australia
Page 289 and 290: FROM POVERTY TO POWERA positive fut
Page 291 and 292: FROM POVERTY TO POWERcome out all s
Page 293 and 294: FROM POVERTY TO POWERareas or among
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Page 301 and 302: FROM POVERTY TO POWERCourt, for exa
Page 303 and 304: FROM POVERTY TO POWERSHOCKS AND CHA
Page 305 and 306: FROM POVERTY TO POWERMajor changes
Page 307 and 308: FROM POVERTY TO POWERpassed from be
Page 309 and 310: FROM POVERTY TO POWERWHO RULES THE
Page 311 and 312: FROM POVERTY TO POWERPowerful state
Page 313 and 314: FROM POVERTY TO POWERThroughout the
Page 315 and 316: FROM POVERTY TO POWERinflationary p
Page 317 and 318: FROM POVERTY TO POWERWhen critics r
Page 319 and 320: FROM POVERTY TO POWERFund now both
Page 321 and 322: FROM POVERTY TO POWERbecome more pr
Page 323 and 324: FROM POVERTY TO POWERcrisis consist
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Page 329 and 330: FROM POVERTY TO POWER• Sudden inf
Page 331 and 332: FROM POVERTY TO POWERthe USA is cur
Page 333 and 334: FROM POVERTY TO POWERto reduce the
Page 335 and 336: THE INTERNATIONAL TRADING SYSTEMTRA
Page 337 and 338: FROM POVERTY TO POWERPatents: Intel
Page 339 and 340: FROM POVERTY TO POWERdumping on wor
Page 341 and 342: FROM POVERTY TO POWERMost alarming
Page 343 and 344: FROM POVERTY TO POWERprotectionism
Page 345 and 346: FROM POVERTY TO POWERThe vast major
Page 347 and 348: FROM POVERTY TO POWERPrices for som
Page 349 and 350: FROM POVERTY TO POWER• Establish
Page 351 and 352: FROM POVERTY TO POWERborder, or at
Page 353 and 354: FROM POVERTY TO POWERBOX 5.1MIGRANT
Page 355 and 356: FROM POVERTY TO POWERnumber of‘fr
Page 357 and 358: FROM POVERTY TO POWERFor example, q
Page 359 and 360: FROM POVERTY TO POWERMotivated by a
Page 361 and 362: FROM POVERTY TO POWERIn the Uruguay
Page 363 and 364: FROM POVERTY TO POWERlong-term deve
Page 365 and 366: FROM POVERTY TO POWERimportance in
Page 367 and 368: FROM POVERTY TO POWERUN Global Comp
Page 369 and 370: FROM POVERTY TO POWERThe drivers of
Page 371 and 372: FROM POVERTY TO POWERMore broadly,
Page 373 and 374: FROM POVERTY TO POWERWhatever the m
Page 375 and 376: FROM POVERTY TO POWERThe heightened
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FROM POVERTY TO POWERThe aid optimi
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FROM POVERTY TO POWERThe aid optimi
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FROM POVERTY TO POWERand 2006/07, f
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FROM POVERTY TO POWERgovernment dow
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FROM POVERTY TO POWERpractice, but
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FROM POVERTY TO POWERWithholding ai
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FROM POVERTY TO POWER1950s and 1960
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FROM POVERTY TO POWERchanged. Simil
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FROM POVERTY TO POWERremain in the
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FROM POVERTY TO POWERand the UN pro
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FROM POVERTY TO POWERA decade on, t
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FROM POVERTY TO POWERCASE STUDYFebr
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FROM POVERTY TO POWERTHE INTERNATIO
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FROM POVERTY TO POWERThe humanitari
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FROM POVERTY TO POWERThe wrong kind
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FROM POVERTY TO POWERlead agencies
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FROM POVERTY TO POWERgovernment in
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FROM POVERTY TO POWERThe only probl
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FROM POVERTY TO POWERopportunity is
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FROM POVERTY TO POWERREFUGEESPeople
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FROM POVERTY TO POWERWest African S
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FROM POVERTY TO POWERdrivers of con
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FROM POVERTY TO POWERCASE STUDYgrou
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FROM POVERTY TO POWERCLIMATE CHANGE
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FROM POVERTY TO POWERwithout heavy
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FROM POVERTY TO POWERunless the wor
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FROM POVERTY TO POWERcap the aspira
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FROM POVERTY TO POWERreduce the qua
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FROM POVERTY TO POWERThe CDM is bes
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FROM POVERTY TO POWERAccused variou
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FROM POVERTY TO POWERemissions by 8
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FROM POVERTY TO POWERBangladesh and
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FROM POVERTY TO POWERGLOBAL GOVERNA
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FROM POVERTY TO POWERNew Zealand wa
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FROM POVERTY TO POWERA NEW DEAL FOR
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FROM POVERTY TO POWER430
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FROM POVERTY TO POWERHow change hap
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FROM POVERTY TO POWER• Family str
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FROM POVERTY TO POWERTHE DYNAMICS O
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FROM POVERTY TO POWERseeking change
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FROM POVERTY TO POWERWithin many de
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FROM POVERTY TO POWERSecond, becaus
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FROM POVERTY TO POWER15 For a more
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FROM POVERTY TO POWER41 WaterAid (2
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FROM POVERTY TO POWER121 UNDP (2007
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FROM POVERTY TO POWER46 R. Offenhei
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FROM POVERTY TO POWER106 M. Rama (2
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FROM POVERTY TO POWER172 P. Chaudhr
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FROM POVERTY TO POWER37 FAO (2007).
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FROM POVERTY TO POWER94 IPCC (2007)
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FROM POVERTY TO POWER155 UN OCHA (2
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FROM POVERTY TO POWER34 UN (2006)
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FROM POVERTY TO POWER101 M. Chen (2
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FROM POVERTY TO POWER168 D. Rodrik
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FROM POVERTY TO POWER215 UN Framewo
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FROM POVERTY TO POWERBIBLIOGRAPHYAc
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FROM POVERTY TO POWERBoko, M., I. N
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FROM POVERTY TO POWERCiconello, A.
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FROM POVERTY TO POWERDFID (2005)
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FROM POVERTY TO POWERGaleano, E. (1
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FROM POVERTY TO POWERHopkins Leishe
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FROM POVERTY TO POWERKeynes, J.M. (
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FROM POVERTY TO POWERMoran, T. (200
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FROM POVERTY TO POWEROxfam Intermó
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FROM POVERTY TO POWERRama, M. (2003
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FROM POVERTY TO POWERStockbridge, M
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FROM POVERTY TO POWERUNESCO (2007)
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FROM POVERTY TO POWERWorld Bank (20
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FROM POVERTY TO POWEROxfam Australi
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FROM POVERTY TO POWERGLOSSARYAccoun
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FROM POVERTY TO POWEREffective stat
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FROM POVERTY TO POWERNeoclassicalec
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FROM POVERTY TO POWERINDEXPage numb
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FROM POVERTY TO POWERfinancial inst
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FROM POVERTY TO POWER303, 304, 305,
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FROM POVERTY TO POWERgrowth 114, 18
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FROM POVERTY TO POWERIndia:access t
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FROM POVERTY TO POWERJapan:climate
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FROM POVERTY TO POWERPacific region
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FROM POVERTY TO POWERtransnational
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FROM POVERTY TO POWER241; human sec
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