Guest Blog: Top economists outline plan for a global green new deal
Guest blog from UNCTAD originally published here. Two leading economists have put forward a solution to the challenges they see facing the multilateral system of trade, investment and finance ahead of the annual spring meetings of the International Monetary Fund (IMF) and the World Bank Group (WBG) in the United States capital of Washington DC, running from 12 to 14 April. The ‘Geneva Principles for a Global Green New Deal’ are outlined in a new report by UNCTAD’s Richard Kozul-Wright and the University of Boston’s Kevin Gallagher. In ‘A New Multilateralism for Shared Prosperity: Geneva Principles for a Green New Deal’, they spell out five key steps that need to be taken to solve the system of “predatory rent-seeking” or “crocodile capitalism” they believe has broken the social contract established in the wake of World War II, allowing global corporations to benefit while the general public loses. In this context transnational corporations’ net income has climbed while glo...