|Issues for the New Millennium
the New Millennium
John Kenneth Galbraith talks with Asimina Caminis
John Kenneth Galbraith, Paul M. Warburg Professor of Economics Emeritus at
Harvard University, discusses the major events of the past century and takes a look at the
challenges ahead, in this conversation with Asimina Caminis, Senior Editor of Finance
The World Economy
IMF Area Department Directors
The directors of the six IMF area departments assess the current
situations in their regions, the challenges these regions face, and their opportunities
for growth in the coming years.
On the eve of the millennium, "globalization" has become a
catchphrase throughout the world. The nation-state, the driving force of the past two
centuries, is dissolving under the pressure of cross-national integration. Despite its
many benefits, however, globalization is unsettling, and those who feel most threatened by
it may try to turn back the clock.
The development landscape in the early twenty-first century will be shaped
by globalization and localization. Although these forces offer poor countries
unprecedented opportunities for growth, they may prove politically and economically
destabilizing unless institutional frameworks are strengthened.
Centralized to Decentralized Governance
William Dillinger and Marianne Fay
Decentralization can foster political stability and economic
developmentif transfers of resources and responsibilities are carefully coordinated
and intergovernmental relationships are clearly defined.
Trading System: The Road Ahead
Simon J. Evenett
All countries have much more to gain than to lose from opening up their
markets. As a new round of trade talks begins, the international community should make a
commitment to pursue further trade reforms.
Engine of Growth for Africa
During the new round of trade talks, African countries should use their
bargaining power to gain concessions in the areas of most interest to
themliberalization of world agricultural markets and increased access to industrial
country markets. In exchange, they should further liberalize their own trade regimes.
of a Future Development Strategy: The Importance of Human Development
Although current prospects for increased aid disbursements are not good,
efforts to combat poverty could be more successful if aid were provided on conditions that
included human, or social, criteria.
Governance in the
Don Tapscott and David Agnew
The Internet and related technologies are revolutionizing the way people
live, communicate, and work. What impacts will these far-reaching changes have on the
structures and functioning of our governments?
Global Finance and Risk
Garry J. Schinasi, Burkhard Drees, and William Lee
The turbulence that swept through financial markets in the fall of 1998
was a wake-up call. It revealed that risk-management practices and supervisory and
regulatory frameworks did not fully take account of the changing nature of private
financial risk-taking, market dynamics, and systemic risk.
Financial Supervision: Lessons of Scandinavian Experience
Michael Taylor and Alex Fleming
Several industrial countries have recently merged their banking,
securities, and insurance regulators. Of these, three Scandinavian countries have the
longest experience with integrated financial sector supervisory agencies, which have
enjoyed considerable success. Would such agencies also make sense in developing and
Death and Taxes:
Economics of Tobacco Control
Prabhat Jha, Joy de Beyer, and Peter S. Heller
Contrary to long-standing beliefs, tobacco-control policies can lead to
huge health benefits without harming economies.