{"id":865,"date":"2008-11-13T06:32:38","date_gmt":"2008-11-13T11:32:38","guid":{"rendered":"http:\/\/ietransfer.wpengine.com\/?p=865"},"modified":"2008-11-13T06:32:38","modified_gmt":"2008-11-13T11:32:38","slug":"the-future-world-economy-bretton-woods-ii-in-washington-must-deliver","status":"publish","type":"post","link":"https:\/\/inspiredeconomist.com\/articles\/the-future-world-economy-bretton-woods-ii-in-washington-must-deliver\/","title":{"rendered":"The Future World Economy : Bretton Woods II in Washington Must Deliver"},"content":{"rendered":"<h3>As the <a title=\"Bush to host world finance summit\" href=\"http:\/\/news.bbc.co.uk\/1\/hi\/business\/7684740.stm\" target=\"_blank\" rel=\"noopener\">G20 leaders gather in Washington<\/a> for what has been dubbed \u201c<a title=\"Bretton Woods II\" href=\"http:\/\/www.huffingtonpost.com\/vince-farrell\/bretton-woods-ii_b_142627.html\" target=\"_blank\" rel=\"noopener\">Bretton Woods II<\/a>\u201d, here\u2019s a brief list of the economic opportunities they need to discuss:<\/h3>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignleft size-full wp-image-878\" src=\"http:\/\/inspiredeconom.wpengine.com\/wp-content\/uploads\/2008\/11\/148281788_11e0537269.jpg\" alt=\"GDP Per Capita -- World Distribution\" width=\"516\" height=\"374\" srcset=\"https:\/\/inspiredeconomist.com\/wp-content\/uploads\/2008\/11\/148281788_11e0537269.jpg 500w, https:\/\/inspiredeconomist.com\/wp-content\/uploads\/2008\/11\/148281788_11e0537269-300x217.jpg 300w\" sizes=\"(max-width: 516px) 100vw, 516px\" \/><br \/>\n<strong><a title=\"International Database -- World Population\" href=\"http:\/\/www.census.gov\/ipc\/www\/idb\/worldpopinfo.html\" target=\"_blank\" rel=\"noopener\">The World\u2019s population is estimated at 6.7 billion<\/a>:<\/strong><\/p>\n<ul>\n<li> of this, <a title=\"Rough road to Sustainable Development\" href=\"http:\/\/www.un.org\/ecosocdev\/geninfo\/afrec\/vol18no2\/182environ.htm\" target=\"_blank\" rel=\"noopener\">15% live in slums<\/a> and are <a title=\"The Economics of Global Democracy\" href=\"http:\/\/www.stwr.org\/poverty-inequality\/the-economics-of-global-democracy.html\" target=\"_blank\" rel=\"noopener\">permanently hungry<\/a><\/li>\n<li>yet <a title=\"US Wheat Harvest Reports\" href=\"http:\/\/www.uswheat.org\/harvestReports\" target=\"_blank\" rel=\"noopener\">the USA<\/a>, <a title=\"Bumper EU Wheat Harvest\" href=\"http:\/\/www.iht.com\/articles\/ap\/2008\/09\/26\/business\/EU-EU-Wheat-Harvest.php\" target=\"_blank\" rel=\"noopener\">the EU<\/a>, <a title=\"Record British Wheat Harvest\" href=\"http:\/\/www.defra.gov.uk\/news\/2008\/081023a.htm\" target=\"_blank\" rel=\"noopener\">the UK<\/a>, <a title=\"Russia uses bumper harvest as foriegn policy tool\" href=\"http:\/\/www.telegraph.co.uk\/news\/worldnews\/europe\/russia\/3089124\/Russia-uses-big-wheat-yield-as-a-foreign-policy-tool.html\" target=\"_blank\" rel=\"noopener\">Russia<\/a>, <a title=\"China predicts bumper harvest\" href=\"http:\/\/english.sina.com\/china\/1\/2008\/0422\/155585.html\" target=\"_blank\" rel=\"noopener\">China<\/a>, <a title=\"India expects good spring harvest\" href=\"http:\/\/www.thaindian.com\/newsportal\/business\/india-expects-good-spring-harvest_10099531.html\" target=\"_blank\" rel=\"noopener\">India<\/a> and <a title=\"Brazil Expects Record Harvet This Year\" href=\"http:\/\/www.brazzilmag.com\/content\/view\/9577\/\" target=\"_blank\" rel=\"noopener\">Brazil<\/a> have all reported bumper harvests this year<\/li>\n<\/ul>\n<p><strong><a title=\"List of countries by nominal GDP\" href=\"http:\/\/en.wikipedia.org\/wiki\/List_of_countries_by_GDP_(nominal)\" target=\"_blank\" rel=\"noopener\">The World\u2019s GDP is estimated at $55.5tr per annum<\/a>:<\/strong><\/p>\n<ul>\n<li> of this <a title=\"United Nations 2001 State oF the Population Report\" href=\"http:\/\/www.unis.unvienna.org\/unis\/pressrels\/2001\/pop811.html\" target=\"_blank\" rel=\"noopener\">85% is consumed by 20% of the population<\/a><\/li>\n<li>while <a title=\"The Politics of Democratic Economics\" href=\"http:\/\/www.stwr.org\/poverty-inequality\/the-economics-of-global-democracy.html\" target=\"_blank\" rel=\"noopener\">45% of the population live on around $900 per annum<br \/>\n<\/a><\/li>\n<li> and <a title=\"The Economics of Democracy\" href=\"http:\/\/www.stwr.org\/poverty-inequality\/the-economics-of-global-democracy.html\" target=\"_blank\" rel=\"noopener\">0.0001% of the population have a combined wealth of over $10tr<\/a><\/li>\n<\/ul>\n<p><strong>In the USA, in the ten years to 2006:<\/strong><\/p>\n<ul>\n<li><a title=\"OECD Factbook 2008\" href=\"http:\/\/www.oecd.org\/dataoecd\/25\/0\/40679627.html\" target=\"_blank\" rel=\"noopener\">employment stayed at around 72%<\/a><\/li>\n<li><a title=\"OECD Factbook 2008\" href=\"http:\/\/www.oecd.org\/dataoecd\/25\/0\/40679627.html\" target=\"_blank\" rel=\"noopener\">while average earnings rose 45% from $37,000 to $54,000<\/a><\/li>\n<li> <a title=\"OECD Statistics Spotlight\" href=\"http:\/\/www.oecd.org\/site\/0,3407,en_21571361_41390497_1_1_1_1_1,00.html\" target=\"_blank\" rel=\"noopener\">and the average real income of the poorest 20% of households fell<\/a><\/li>\n<\/ul>\n<p>In other words, the global economy is fixed in a spiral where prosperity is hoarded by those who already have and isn\u2019t shared with those who already have not.  Social mobility is non-existent.<\/p>\n<h3>The G20&#8217;s Historic &#8220;Bretton Woods&#8221; Opportunity<\/h3>\n<p>Corporations\u2019 historical reluctance to engage with the vast market of the poor has been driven largely by the fact they cannot make <strong>as much<\/strong> profit from it as they can by segmenting the wealthy market.<\/p>\n<p>However, with the advent of CSR many companies are starting to understand that the pursuit of ever greater profit is not, in and by itself, a wholesome goal.  Now is the time to put that understanding into action.<\/p>\n<p>So the will is there and the market is there.  All the Bretton Woods II governments in Washington need to do is establish the institutions to bring the two together.<\/p>\n<p>In 1932, over ten years before the original <a title=\"The Bretton Woods Institutions\" href=\"http:\/\/www.globaleconomicgovernance.org\/docs\/UN%20Woods%20Final.pdf\" target=\"_blank\" rel=\"noopener\">Bretton Woods conference<\/a>, <a title=\"John Maynard Keynes Time Biography\" href=\"http:\/\/www.time.com\/time\/time100\/scientist\/profile\/keynes.html\" target=\"_blank\" rel=\"noopener\">John Maynard Keynes<\/a>, wrote the following in the <a title=\"The New Statesman\" href=\"http:\/\/www.newstatesman.com\/\" target=\"_blank\" rel=\"noopener\">New Statesman<\/a>:<\/p>\n<blockquote><p>The delegates to the World Conference should assemble in sackcloth and ashes, with humble and contrite hearts. &#8230; Fear and greed, duplicity and incompetence, but above all conventional thought and feeling, have brought their collective performance far below the level of the participants regarded as human individuals. But here is a last opportunity.<\/p><\/blockquote>\n<p>The question is, will that opportunity be taken?  Or will it take another ten years for the world to put it&#8217;s house in order?<\/p>\n<h3>What do you think about the Future Financial Architecture?<\/h3>\n<p>Is the G20 meeting a historic opportunity to remould financial architecture in a more socially responsive and responsible framework?<\/p>\n<p>Can previously &#8220;irresponsible&#8221; corporations be trusted to enact this through the free market, or should we be &#8220;once bitten, twice shy&#8221; and demand strong regulation?<\/p>\n<p><strong>Please share your thoughts below: let&#8217;s see what we can come up with!<\/strong><\/p>\n<p><strong>Photo Credit<\/strong> &#8220;<a title=\"World Distribution of Per Capita GDP By Country\" href=\"http:\/\/www.flickr.com\/photos\/wfryer\/148281788\/\" target=\"_blank\" rel=\"noopener\">World Distribution of Per Capita GDP By Country<\/a>&#8221; by  <a title=\"Wesley Fryer\" href=\"http:\/\/www.flickr.com\/photos\/wfryer\/\" target=\"_blank\" rel=\"noopener\">Wesley Fryer<\/a> from <a title=\"Flickr\" href=\"http:\/\/www.flickr.com\" target=\"_blank\" rel=\"noopener\">Flickr<\/a> under <a title=\"Creative Commons Attribution Share Alike License\" href=\"http:\/\/creativecommons.org\/licenses\/by-sa\/2.0\/deed.en_GB\" target=\"_blank\" rel=\"noopener\">Creative Commons Attribution Share Alike License<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>As the G20 leaders gather in Washington for what has been dubbed \u201cBretton Woods II\u201d, here\u2019s a brief list of the economic opportunities they need to discuss: The World\u2019s population is estimated at 6.7 billion: of this, 15% live in slums and are permanently hungry yet the USA, the EU, the UK, Russia, China, India [&hellip;]<\/p>\n","protected":false},"author":11,"featured_media":878,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_uag_custom_page_level_css":"","site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center 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!important}}\n\";s:2:\"js\";s:0:\"\";s:18:\"current_block_list\";a:2:{i:0;s:14:\"core\/paragraph\";i:1;s:10:\"core\/image\";}s:8:\"uag_flag\";b:0;s:11:\"uag_version\";i:1713657651;s:6:\"gfonts\";a:0:{}s:10:\"gfonts_url\";s:0:\"\";s:12:\"gfonts_files\";a:0:{}s:14:\"uag_faq_layout\";b:0;}"],"rank_math_news_sitemap_robots":["index"],"rank_math_robots":["a:1:{i:0;s:5:\"index\";}"],"_uag_css_file_name":["uag-css-865.css"]},"uagb_featured_image_src":{"full":["https:\/\/inspiredeconomist.com\/wp-content\/uploads\/2008\/11\/148281788_11e0537269.jpg",500,363,false],"thumbnail":["https:\/\/inspiredeconomist.com\/wp-content\/uploads\/2008\/11\/148281788_11e0537269-150x150.jpg",150,150,true],"medium":["https:\/\/inspiredeconomist.com\/wp-content\/uploads\/2008\/11\/148281788_11e0537269-300x217.jpg",300,217,true],"medium_large":["https:\/\/inspiredeconomist.com\/wp-content\/uploads\/2008\/11\/148281788_11e0537269.jpg",500,363,false],"large":["https:\/\/inspiredeconomist.com\/wp-content\/uploads\/2008\/11\/148281788_11e0537269.jpg",500,363,false],"1536x1536":["https:\/\/inspiredeconomist.com\/wp-content\/uploads\/2008\/11\/148281788_11e0537269.jpg",500,363,false],"2048x2048":["https:\/\/inspiredeconomist.com\/wp-content\/uploads\/2008\/11\/148281788_11e0537269.jpg",500,363,false],"adace-sponsor":["https:\/\/inspiredeconomist.com\/wp-content\/uploads\/2008\/11\/148281788_11e0537269.jpg",66,48,false],"adace-sponsor-2x":["https:\/\/inspiredeconomist.com\/wp-content\/uploads\/2008\/11\/148281788_11e0537269.jpg",132,96,false]},"uagb_author_info":{"display_name":"Chris Milton","author_link":"https:\/\/inspiredeconomist.com\/author\/britesprite\/"},"uagb_comment_info":12,"uagb_excerpt":"As the G20 leaders gather in Washington for what has been dubbed \u201cBretton Woods II\u201d, here\u2019s a brief list of the economic opportunities they need to discuss: The World\u2019s population is estimated at 6.7 billion: of this, 15% live in slums and are permanently hungry yet the USA, the EU, the UK, Russia, China, India&hellip;","_links":{"self":[{"href":"https:\/\/inspiredeconomist.com\/wp-json\/wp\/v2\/posts\/865"}],"collection":[{"href":"https:\/\/inspiredeconomist.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/inspiredeconomist.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/inspiredeconomist.com\/wp-json\/wp\/v2\/users\/11"}],"replies":[{"embeddable":true,"href":"https:\/\/inspiredeconomist.com\/wp-json\/wp\/v2\/comments?post=865"}],"version-history":[{"count":0,"href":"https:\/\/inspiredeconomist.com\/wp-json\/wp\/v2\/posts\/865\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/inspiredeconomist.com\/wp-json\/wp\/v2\/media\/878"}],"wp:attachment":[{"href":"https:\/\/inspiredeconomist.com\/wp-json\/wp\/v2\/media?parent=865"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/inspiredeconomist.com\/wp-json\/wp\/v2\/categories?post=865"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/inspiredeconomist.com\/wp-json\/wp\/v2\/tags?post=865"},{"taxonomy":"adace-sponsor","embeddable":true,"href":"https:\/\/inspiredeconomist.com\/wp-json\/wp\/v2\/adace-sponsor?post=865"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}