By providing fiscal stimulus and strengthening financial sector regulation, of course. But that may not be enough. Will the U.S. and the Europeans also revisit the idea of a global social contract -- to protect millions of people losing their jobs in developing countries? In a speech I delivered to the Dutch Scientific Council in December, I argued that
CGD Policy Blogs
What a difference 20 years can make. Twenty years ago, I was the World Bank point person organizing a response to the Houston G7 Summit's mandate to the bank and what was then called the European Community or EC to devise an Amazon forest protection program.
Eldis, the online aggregator of development policy, practice and research at the Institute of Development Studies in Sussex, is conducting a survey to identify "the most significant new piece of development research of 2008." This strikes me as having roughly the same statistical validity as American Idol does for when it comes to finding new singing talent. Still, as with Idol and other talent shows, the entertainment value of a popularity contest is hard to dispute!
We are at the start of what promises to be an unusually difficult year in the global economy. Policy decisions in the United States and other rich world countries will matter immensely for poor and vulnerable people living in developing countries.