Consumers’ penchant for ethical purchasing is tangibly growing. People are increasingly aware that the international trading system is not conducive to sustainable development. More and more consumers buy Fair Trade products. However, the EU falls short of providing meaningful support to Fair Trade. A new own-initiative report (see reference) of MEP Frithjof Schmidt, adopted unanimously by the development committee of the European Parliament, is an attempt to address these shortcomings in a comprehensive manner. Michael Schmitt gives an overview.
With Fair Trade, the much abused slogan "trade and not aid" has become a meaningful truism. Trade matters, but what matters as much is the quality of trading relations and products. And Fair Trade is all about "quality trade", which is embodied in an unambiguous commitment to high social and environmental standards in production as well as a fair price for producers ... ... this article is reserved for subscribers. Please log in >>> here.
Race to a New Bretton Woods + Time for UN to Act + Stiglitz' New Economic Compact + China's Agrarian Reforms + Transparency Deficit of IMF and World Bank
Since the financial meltdown began in mid-September, the bond markets of most of the region have been hit, as well as most of their stock markets and a number of currencies. Can South America escape the wrath of the economic and financial storms that have their epicenter in the United States?
On 11 October 2008, the International Working Group of Sovereign Wealth Funds (IWG) released the Generally Accepted Principles and Practices (GAPP) that would guide the governance and accountability framework of sovereign wealth funds (SWFs).
For years, only a small and enlightened elite and some NGOs looking beyond their tiny projects have been calling for a New Bretton Woods - a global conference to restructure the global economic and financial system. Yet suddenly such demands have become almost mainstream, and developments have accelerated tremendously.
The timing has been perfect: In the middle of October, the Central Committee of the Communist Party of China approved a reform proposal that will allow farmers to lease or transfer their land rights. Called a "historic" decision by some observers, the Chinese government announced it as Chinas contribution to counter the financial crisis.
The 2008 US Presidential election was historic itself owing to the candidates' profile. But the timing of the elections as the U.S. and global economy are in the midst of the worst financial crisis and recession in decades reminds us of the Great Depression era and the 1980s recession.