Transform World Bank,WTO And IMF


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The presentation was creating for sharing the paper in this regard that has been posted at with a call for taking up joint action through reviewing monotheistic/Islamic framework for transforming finance system.

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Transform World Bank,WTO And IMF

  1. 1. A presentation for establishing the argument for transforming World Bank, IMF and WTO Dr.Muhammad Mukhtar Alam, Member, International Advisory Council, World Computer Exchange, Amnesty International, NACDOR, Chairman, Labour League Foundation, 62-A DDA Flats Ashok Vihar-III, Delhi-110052, [email_address] Tel:+091.11.27254250, +91.9868527244 February 2006
  2. 2. The context <ul><li>Wada Na Todo Abhiyan , Declarations of the People Summit Against Poverty and GCAP </li></ul><ul><li>Global UN campaign for realizing millennium development goals </li></ul><ul><li>Call for Debt cancellation and debt forgiveness for realizing millennium development goals (OXFAM campaign) </li></ul><ul><li>Addressing the root cause of indebtedness of the poor and developing countries </li></ul>
  3. 3. Reforming international and national finance sector <ul><li>Why there is a need to reform the sector </li></ul><ul><li>What is being done at the global level </li></ul><ul><li>What is being done at the national level </li></ul><ul><li>What can be done </li></ul><ul><li>How to strengthen the movements and get results </li></ul>
  4. 4. Reasons for reforming the finance sector <ul><li>Increasing demands on the state to ensure equity and ecological sustainability </li></ul><ul><li>Increased debt service obligation due to the charging of the compound interests </li></ul><ul><li>Globalization of non-renewable resource based consumption and production patterns accelerated by creation of fiat money/ usurious money </li></ul><ul><li>Globalization of the discontent due to the impacts of climate change </li></ul>
  5. 5. Reasons contd. <ul><li>Interest based debt financing with freedom for deregulated banking creating inequitable prosperity and unsustainable accumulation </li></ul><ul><li>Dispossession of the poor due to non-payment of interest based loans within and between the nations </li></ul><ul><li>Ecologically hostile development paradigm getting accelerated application eliminating renewable resource based livelihoods </li></ul><ul><li>Instituting interest free transactions across the world </li></ul>
  6. 6. Actions at the global level <ul><li>Global Justice Movement argues that usury is not necessary </li></ul><ul><li>American Monetary Institute is seeking reform in USA </li></ul><ul><li>Local exchange trading system LETS promoting barter followed by hundreds of groups across Europe </li></ul><ul><li>JAK bank (Sweden) calls itself first interest free bank </li></ul><ul><li>Islamic banking is based on sharing of the losses and sharing of the profits </li></ul>
  7. 7. Movements against usurious finance system contd. <ul><li> working with e-dinar and distributing its e-gold products following the Islamic standards </li></ul><ul><li>Campaign for Interest free money </li></ul><ul><li>Bernard Liatier calls for rethinking money and proposes “terra” to be the global stable currency </li></ul><ul><li>David Korten is calling for interest free money </li></ul><ul><li> </li></ul><ul><li>Brettonwoods project keeping a watch on World Bank,IMF and WTO </li></ul>
  8. 8. Transforming money/finance in India <ul><li>National Movement for the Eradication of Usury launched by Bharat Jan Andolan </li></ul><ul><li>BD Sharma’s work on the state of farmers and agricultural credit detailing the history of dilution of laws preventing usury in Bihar and other states </li></ul><ul><li>People Summit Against Poverty called for transformation of the “unholy” trinity of World Bank, IMF and WTO </li></ul><ul><li>Arundhati Roy has been exposing the vicious nexus of monetary institutions and MNCs </li></ul>
  9. 9. What can be done <ul><li>Build solidarities of action and communication for transforming the finance sector </li></ul><ul><li>Call for transforming functioning and principles of banking and money </li></ul><ul><li>Seek consensus for the unified proposal for world bank ,IMF and other key banker of bankers </li></ul><ul><li>Include the demand for transforming money and banking in all the communications related to poverty reduction </li></ul><ul><li>Combine the learning of secular and faith based perspectives for making money and banking interest free </li></ul>
  10. 10. Strengthening movements safeguarding futures <ul><li>Environmental sustainability is linked with the development model </li></ul><ul><li>Movements and institutions need to understand the linkage and call for transforming the finance sector and consumption pattern as a global imperative </li></ul><ul><li>Global call to action against poverty should consider this as part of consistent communication strategy </li></ul><ul><li>Creating synergy through making this a cross cutting concern </li></ul>
  11. 11. Hurdles <ul><li>Economists and corporations who are interested in preserving the status quo </li></ul><ul><li>Men and women who wish to continue the enterprise of discontent without finding solutions </li></ul><ul><li>Political parties that are not aware of the long-term needs </li></ul><ul><li>Lack of education on the alternatives </li></ul>
  12. 12. Solutions <ul><li>Institutionalization of the discourse on alternatives </li></ul><ul><li>Review of the monotheistic perspective </li></ul><ul><li>Discussions with the World Bank,IMF and other institutions </li></ul><ul><li>International meet on the solutions </li></ul><ul><li>Inclusion in the MDGs </li></ul>