This new economicsfoundation (nef)‘s report is written by Deborah Doane, Romilly Greenhill, Julian Oram, Ann Pettifor, and Andrew Simms. It starts from the premise that finance is not about money. It is about the relationships between people, states, markets and the natural environment. However, this simple idea has become corrupted and finance has been transformed from the means to an end in itself. Vast sums of money now circulate the globe without ever being harnessed for productive purposes. The authors map out some of the key features of an alternative vision in which there would be real finance for development: reasserting democratic control over national and international financial institutions and encouraging greater economic self-reliance; increasing stakeholder participation in company boardrooms, to ensure that host communities have an input into the business plans and activities of multi-national enterprises; setting up contraction and convergence mechanisms to account for and reconcile the ecological debt attributed to over-consumption in wealthy countries.
Read the document (700 KiB)
Doane, Deborah, Romilly Greenhill, Julian Oram, Ann Pettifor, and Andrew Simms. 2002. Chasing Shadows: Re-imagining Finance for Development. London: New Economics Foundation.
The Jubilee Research program on debt relief: www.jubileeresearch.org/index.htm