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Trade and development report 2014

Global governance and policy space for development

image of Trade and development report 2014
The 2014 edition reviews recent trends in the world economy, examining the consistency and sustainability of the economic policies currently followed. It addresses the evolution and current conditions of the policy space needed for implementing growth-enhancing and inclusive development strategies. It discusses how countries can better manage capital flows in order to expand their policy space for pursuing development strategies. It looks at policy space as depending not only on the existing rules and commitments taken in international agreements, but also on the possibility of mobilizing resources for financing industrial policies, investment and growth. It argues that fiscal space is a key aspect of policy space, and that developing countries need to address loss of revenue stemming from illicit financial flows, tax havens and inadequate taxation of extractive industries.

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Overview

Fifty years ago this year, and twenty years after a new multilateral framework for governing the post-war global economy was agreed at Bretton Woods, a confident South gathered in Geneva to advance its demands for a more inclusive world economic order. The first United Nations Conference on Trade and Development (UNCTAD) added a permanent institutional fixture to the multilateral landscape, with the responsibility “to formulate principles and policies on international trade and related problems of economic development”. Moreover, and moving beyond the principles that framed the Bretton Woods institutions (and later the General Agreement on Tariffs and Trade (GATT)), it was agreed that “Economic development and social progress should be the common concern of the whole international community, and should, by increasing economic prosperity and well-being, help strengthen peaceful relations and cooperation among nations”.

English

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