http://www.eastasiaforum.org/2009/03/25/trade-and-the-g20-agenda/ Economics, Politics and Public Policy in East Asia and the Pacific Sun, 12 Feb 2012 22:50:38 +0000 hourly 1 http://wordpress.org/?v=3.2 http://www.eastasiaforum.org/2009/03/25/trade-and-the-g20-agenda/comment-page-1/#comment-17567 Pofessor Raemshwar Tandon Mon, 30 Mar 2009 06:11:21 +0000 http://www.eastasiaforum.org/?p=2972#comment-17567 I strongly feel that we are heading for more and more troubles in the area of trade, finance, banking etc just because the G7 countries are not iterested in creating any worthwhile institution for permanenet reforms for global welfare; to us, G7 as also G 20 have notional value only as a meeting group and hence cannot provide any new mandate as well. Moreover, they donot have vision of Prof JM Keynes, Sir Hans Singer and mr White who helped in the cretion of IMF and World Bank; but Keynes' vision to make the WB as Central Bank couldnot materialise due to opposition of mr White; NOw the protectionist wave is again coming up from the developed west due to petty antional interests and also unending financial and banking troubels ( all these due to gross minmanagement in the US and Western countries , wasteful expenditure soaring higher and higher for years indeed Now in new century, seems free trade is breaking out all over; Several coutnries on the way to conclude FTA with neighbours-Europe, Japan, US, Australia and many more ; we find two opposite tends all over: one is towards managed trade( since now about 70 p.c. of trade flows all over ar e managed with several subtle measures; second is more and more globalisation of production by giant MNCs. Realy neither trend can be analysed in economic terms due to interplay of political factors and veted interests. I strongly feel that we are heading for more and more troubles in the area of trade, finance, banking etc just because the G7 countries are not iterested in creating any worthwhile institution for permanenet reforms for global welfare; to us, G7 as also G 20 have notional value only as a meeting group and hence cannot provide any new mandate as well. Moreover, they donot have vision of Prof JM Keynes, Sir Hans Singer and mr White who helped in the cretion of IMF and World Bank; but Keynes’ vision to make the WB as Central Bank couldnot materialise due to opposition of mr White;
NOw the protectionist wave is again coming up from the developed west due to petty antional interests and also unending financial and banking troubels ( all these due to gross minmanagement in the US and Western countries , wasteful expenditure soaring higher and higher for years indeed
Now in new century, seems free trade is breaking out all over; Several coutnries on the way to conclude FTA with neighbours-Europe, Japan, US, Australia and many more ;
we find two opposite tends all over: one is towards managed trade( since now about 70 p.c. of trade flows all over ar e managed with several subtle measures; second is more and more globalisation of production by giant MNCs. Realy neither trend can be analysed in economic terms due to interplay of political factors and veted interests.

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