A Common Sense Citizens' Agenda

A Common Sense Citizens' Agenda

by David Korten

exerpted from the book

CORPORATIONS ARE GOING TO GET YOUR MAMA

edited by Kevin Danaher

[pic]

International Reforms

A number of reforms are required at the global level to remove important sources of injustice and restrain the power of transnational capital. These include:

1) Eliminating international debts of low income countries. The public international debts of low income countries should be eliminated through a two step process. Odious debts contracted without public consent or for purposes that did not serve public purposes should be repudiated through appropriate internationally sanctioned legal processes to pass the costs onto the responsible individuals and financial institutions. The remaining debts should be repaid out of an international fund under agreements that preclude recreating them.

2) Closing the World Bank as part of the plan to end the process of international debt creation. It is time to recognize that creating an institution to increase the debts of poor countries was simply a bad idea.

3) Placing an international financial transactions tax on all spot transactions in foreign exchange to dampen speculative currency movements. The funds generated should be used to retire Third World debt and fund the United Nations.

4) Closing the World Trade Organization (WTO) and the International Monetary Fund (IMF) and transferring responsibility for international economic management to the United Nations, with the mandate to maintain a balanced and equitable system of economic relationships among nations that encourages and supports substantial environmental and economic self-reliance. Responsibilities would include negotiating and enforcing agreements establishing standards of conduct for transnational corporations, coordinating international antitrust action, and protecting the rights of all nations to choose with whom they will trade, under what terms, and to set rules and...