Preview

Global Debt

Good Essays
Open Document
Open Document
13758 Words
Grammar
Grammar
Plagiarism
Plagiarism
Writing
Writing
Score
Score
Global Debt
hdr03-10 chapter 8 052003.qxd

26/05/03

13:39

Side 145

CHAPTER 8

Policy, not charity: what rich countries can do to help achieve the Goals

This chapter analyses the role of rich countries in the international compact to achieve the
Millennium Development Goals, a compact that leverages the global commitments to reducing poverty by building on mutual responsibilities between poor and rich countries.
Poor countries must improve governance to mobilize and manage resources more effectively and equitably. Rich countries must increase aid, debt relief, market access and technology transfers.
The UN Millennium Declaration and the
Monterrey Consensus (the result of the March
2002 International Conference on Financing for Development in Monterrey, Mexico) make it clear that poor countries are primarily responsible for achieving Goals 1–7. But these frameworks also reflect a new approach, with rich countries basing their support for poor countries more on performance—and seeing it less as an entitlement. Thus rich countries will increase assistance for poor countries that demonstrate good-faith efforts to mobilize domestic resources, undertake policy reforms, strengthen institutions and tackle corruption and other aspects of weak governance.
The commitments made by rich countries in the Millennium Declaration are spelled out in Goal 8 (box 8.1). These commitments have since been reaffirmed in various forums:
• The Monterrey Consensus recognized the need for a substantial increase in aid, urging donor countries to make concrete efforts to reach the aid target of 0.7% of gross national income set in 1970—and to vigorously pursue debt relief for countries that take steps to strengthen governance.
• The Doha ministerial declaration, issued at the 2001 meeting of the World Trade Organization (WTO) in Doha, Qatar, affirmed poverty reduction goals and committed to making the interests of poor countries central to the future

work

You May Also Find These Documents Helpful

  • Satisfactory Essays

    global finance crisis

    • 466 Words
    • 2 Pages

    Stiglitz outlines five lessons to be learned from the GFC. Discuss each one with reference to whether you agree or not.…

    • 466 Words
    • 2 Pages
    Satisfactory Essays
  • Satisfactory Essays

    WW1 DBQ

    • 354 Words
    • 1 Page

    exceed the surrounding nations in order to not become underdeveloped compared to the rest. For…

    • 354 Words
    • 1 Page
    Satisfactory Essays
  • Powerful Essays

    Australia's Links to Aid

    • 1035 Words
    • 5 Pages

    Economic growth , Better living standards through improved health and education services and infrastructure , the promotion of greater political stability through democracy, sustainable development and improved social justice and equity.…

    • 1035 Words
    • 5 Pages
    Powerful Essays
  • Satisfactory Essays

    Creative Thinking

    • 399 Words
    • 2 Pages

    Conclude at least two ways the G-20 countries could assist in combating the global economic crisis and help to restore economic growth.…

    • 399 Words
    • 2 Pages
    Satisfactory Essays
  • Satisfactory Essays

    mismanage their needs. Clearly for the economy to continue expanding and be as powerful, they…

    • 315 Words
    • 1 Page
    Satisfactory Essays
  • Good Essays

    The United States of America is recognized by many people as the land of many opportunities. The United States of America is the country where many people from all over the world would want to begin a new chapter of their lives. Although, America is known for providing opportunity, it also carries a heavy load of deficit of its own. The I.O.U.S.A.: One Nation under Stress, in Debt is a film that unfolded the four deficits that can potentially expose a danger to the country and its people. The four main deficits are budget, savings, trade, and leadership.…

    • 693 Words
    • 3 Pages
    Good Essays
  • Satisfactory Essays

    One huge step would be to include political power into making changes to climate and environmental issues. Climate change should not be a biased issue as it affects all of us. If it’s not perceived by both sides of politics(the leader and the people) as an important issue, it will inevitably causes further complications in the future. If it’s one-sided, internal conflict might end up causing unnecessary trouble, further delaying what should really be done¬ – encouraging and increasing awareness of environmental issues, followed by global effort in solving it. As one mind, appropriate policies should be arranged towards making the world a better place. This is the only way a global solution can be put in place, with time being…

    • 122 Words
    • 1 Page
    Satisfactory Essays
  • Satisfactory Essays

    According to the World Bank, its mission is helping countries develop and reach the goals of its people by working with its partners to alleviate poverty. According to them they focus on six themes of strategy to support this mission of providing Technical/financial and various other assistances to those in need where its impact will be the greatest and promote further growth and development. The themes identified where post-conflict and fragile states, global public goods, middle-income countries, focusing efforts on the poorest countries, knowledge and learning and the Arab world. (World Bank, 2011) The key to successful economic development is to implement strategies that include "a market economy, a high saving rate, and investment in infrastructure and in human capital". (Rittenberg, & Tregarthen, 2009)…

    • 536 Words
    • 3 Pages
    Satisfactory Essays
  • Better Essays

    The United States deficit contributes to its debt and the debt contributes to the deficit. We know the longest running uninterrupted surplus for the Unites States was from 1920 to 1930 but spent most of it combating the war. This will show how the U.S. deficits, debt, and surplus affect the following areas; the taxpayers, future social security and Medicare users, unemployed individuals, University of Phoenix students, The United States financial reputation on an international level, a domestic automobile manufacturer (exporter), and a Italian clothing company (importer).…

    • 2798 Words
    • 12 Pages
    Better Essays
  • Satisfactory Essays

    1) Dismantle the organization: Don’t Manage the economy and let your inflation get to high but if it does occur, they have a safety net if they do something wrong…

    • 7946 Words
    • 32 Pages
    Satisfactory Essays
  • Better Essays

    Effects Of National Debt

    • 2671 Words
    • 11 Pages

    In the times we live in today, National Debt can really put a dent in your wallet. “The national debt is the amount of money owed by the U.S. government to its creditors, which may include private individuals, corporations, banks, and other financial institutions as well as foreign governments” (Gale Encyclopedia). National debt is basically the result of the government spending more money than it takes in in revenue. This means that the larger the budget deficit is, the larger that the national debt will be (The Bancorp Bank). National debt has been in our country dating all the way backing to the mid 1700’s (Gale Encyclopedia).…

    • 2671 Words
    • 11 Pages
    Better Essays
  • Better Essays

    Norris, J (2010 September 23) “No Easy fix for U.S. Foreign Aid” Retrieve June 12, 2011…

    • 1400 Words
    • 6 Pages
    Better Essays
  • Satisfactory Essays

    Money, prosperity, anti-hunger. Put a small jar in the cupboard or pantry to ward off poverty and hunger. Burn in a cauldron…

    • 260 Words
    • 2 Pages
    Satisfactory Essays
  • Good Essays

    Sovereign Debt Crisis

    • 16441 Words
    • 66 Pages

    has increased substantially. A number of factors related to the financial crisis have fueled the…

    • 16441 Words
    • 66 Pages
    Good Essays
  • Good Essays

    National. Debt

    • 3323 Words
    • 9 Pages

    Imagine having 17 trillion dollars in debt. What would you do? With regards to Americans being in more debt than ever, where facing economy problems. The national debt is a great concern to the economy. National debt should be reduced because it will help our economy, better our lives , and better our relationship with others countries. The ways national debt should be reduced are limiting the spending of the military,cutting the Social Security funds,and increasing taxes on the rich.…

    • 3323 Words
    • 9 Pages
    Good Essays

Related Topics