[stop-imf] New Book: Reforming the IMF: Back to the Drawing Board

[robert weissman]

*THIRD WORLD NETWORK*               http://www.twnside.org.sg

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*New Book Release*

Text Box:

TWN Global Economy Series No. 8

*Reforming the IMF: Back to the Drawing Board*



*/by/**/ Yilmaz Aky=FCz/*



Publisher: Third World Network (ISBN:983-2729-53-X



Year: 2006       No. of pages: 76







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*About the book*



Unemployment is a global problem and its solution lies primarily in the
acceleration of capital formation. Policy in recent years has sought the
answer in rapid liberalisation and economic openness. However, increased
international flows of goods and capital are serving more to
redistribute investment and jobs among countries than to accelerate
capital formation and employment generation.  International capital
flows have been booming but a smaller proportion of world income is
allocated to investment. International trade has been growing faster
than ever but global income growth is slower. The record of developing
countries which have adopted a strategy of reigniting capital
accumulation and growth through a combination of rapid liberalisation,
increased reliance on foreign capital and reduced public investment is
particularly disappointing.

   This paper reviews the recent record in capital formation and job
creation and examines the role of macroeconomic policy and financial
liberalisation. It argues that policy in developing countries has to
refocus on three areas.  First, public investment has to be increased
and fiscal policy needs to be used in a counter-cyclical manner. Second,
a whole array of policy instruments should be deployed in order to
reduce financial instability. Third, fiscal and industrial policy
actions are needed to influence the volume and composition of
investment. These should be complemented by a fundamental reform of the
international financial system with a view to reducing instability and
raising global demand.

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*About the Author*



DR. YILMAZ AKY=DCZ was the Director of the Division on Globalisation and
Development Strategies and Chief Economist at UNCTAD until his
retirement in August 2003. He was the principal author and head of the
team preparing the UNCTAD Trade and Development Report, and UNCTAD
coordinator of research support to developing countries (the Group of
24) in the IMF and the World Bank on international monetary and
financial issues. Before joining UNCTAD in 1984 he taught at various
universities in Turkey, England and elsewhere in Europe. He has
published extensively in macroeconomics, finance, growth and
development. Since retiring from UNCTAD, he has held the Tun Ismail Ali
Chair in Monetary and Financial Economics, University of Malaya. His
current activities include policy research for international
organisations, and advising governments on development policy issues,
and TWN on research in trade, finance and development.





*CONTENTS*





1          GLOBAL ECONOMIC INTEGRATION AND THE

            LABOUR MARKET



2          CAPITAL FORMATION, GROWTH AND EMPLOYMENT



3          MANAGING PROFITS AND ACCUMULATION



4          MACROECONOMIC POLICY: WHAT POLICY?



5          FINANCIAL INSTABILITY, INVESTMENT AND

            EMPLOYMENT



6          POLICY PRIORITIES



REFERENCES





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