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Transform World Bank,WTO And IMF

Transform World Bank,WTO And IMF



The presentation was creating for sharing the paper in this regard that has been posted at http://muhammad_mukhtar_alam.tigblog.org with a call for taking up joint action through reviewing ...

The presentation was creating for sharing the paper in this regard that has been posted at http://muhammad_mukhtar_alam.tigblog.org 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 Transform World Bank,WTO And IMF Presentation Transcript

    • 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
    • The context
      • Wada Na Todo Abhiyan , Declarations of the People Summit Against Poverty and GCAP
      • Global UN campaign for realizing millennium development goals
      • Call for Debt cancellation and debt forgiveness for realizing millennium development goals (OXFAM campaign)
      • Addressing the root cause of indebtedness of the poor and developing countries
    • Reforming international and national finance sector
      • Why there is a need to reform the sector
      • What is being done at the global level
      • What is being done at the national level
      • What can be done
      • How to strengthen the movements and get results
    • Reasons for reforming the finance sector
      • Increasing demands on the state to ensure equity and ecological sustainability
      • Increased debt service obligation due to the charging of the compound interests
      • Globalization of non-renewable resource based consumption and production patterns accelerated by creation of fiat money/ usurious money
      • Globalization of the discontent due to the impacts of climate change
    • Reasons contd.
      • Interest based debt financing with freedom for deregulated banking creating inequitable prosperity and unsustainable accumulation
      • Dispossession of the poor due to non-payment of interest based loans within and between the nations
      • Ecologically hostile development paradigm getting accelerated application eliminating renewable resource based livelihoods
      • Instituting interest free transactions across the world
    • Actions at the global level
      • Global Justice Movement www.globaljusticemovement.net argues that usury is not necessary
      • American Monetary Institute www.monetary.org is seeking reform in USA
      • Local exchange trading system LETS promoting barter followed by hundreds of groups across Europe www.letslink.org
      • JAK bank (Sweden) calls itself first interest free bank
      • Islamic banking is based on sharing of the losses and sharing of the profits
    • Movements against usurious finance system contd.
      • www.islamicmint.com working with e-dinar and distributing its e-gold products following the Islamic standards
      • Campaign for Interest free money www.interestfreemoney.org
      • Bernard Liatier calls for rethinking money and proposes “terra” to be the global stable currency
      • David Korten is calling for interest free money
      • www.seek2know.net/money
      • Brettonwoods project keeping a watch on World Bank,IMF and WTO
    • Transforming money/finance in India
      • National Movement for the Eradication of Usury launched by Bharat Jan Andolan
      • 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
      • People Summit Against Poverty called for transformation of the “unholy” trinity of World Bank, IMF and WTO
      • Arundhati Roy has been exposing the vicious nexus of monetary institutions and MNCs
    • What can be done
      • Build solidarities of action and communication for transforming the finance sector
      • Call for transforming functioning and principles of banking and money
      • Seek consensus for the unified proposal for world bank ,IMF and other key banker of bankers
      • Include the demand for transforming money and banking in all the communications related to poverty reduction
      • Combine the learning of secular and faith based perspectives for making money and banking interest free
    • Strengthening movements safeguarding futures
      • Environmental sustainability is linked with the development model
      • Movements and institutions need to understand the linkage and call for transforming the finance sector and consumption pattern as a global imperative
      • Global call to action against poverty should consider this as part of consistent communication strategy
      • Creating synergy through making this a cross cutting concern
    • Hurdles
      • Economists and corporations who are interested in preserving the status quo
      • Men and women who wish to continue the enterprise of discontent without finding solutions
      • Political parties that are not aware of the long-term needs
      • Lack of education on the alternatives
    • Solutions
      • Institutionalization of the discourse on alternatives
      • Review of the monotheistic perspective
      • Discussions with the World Bank,IMF and other institutions
      • International meet on the solutions
      • Inclusion in the MDGs