Stories written by Jomo Kwame Sundaram
Jomo Kwame Sundaram, a former economics professor, was United Nations Assistant Secretary-General for Economic Development, and received the Wassily Leontief Prize for Advancing the Frontiers of Economic Thought.
US President Trump has successfully used tariff threats to achieve economic, political and even personal goals. These threats, reminiscent of colonialism, have secured submission and concessions.
Trump’s billionaire cronies want more monopoly profits, not competition. With more policies crafted for them, wealth concentration is set to become greater than ever.
President Trump’s tariffs have exposed neoliberal trade ideology and undermined corporate lobbying in the name of free trade. But his rhetoric has also exposed the fallacies of his own economic strategy.
Wars, economic shocks, planetary heating and aid cuts have worsened food crises in recent years, with almost 300 million people now threatened by starvation.
With two-fifths of the world economy, East Asia can inspire others by creatively responding to the US President’s tariff challenge by promoting fair, dynamic and peaceful regional cooperation.
With President Trump’s efforts to end the Ukraine war, Europeans are now mainly responsible for prolonging it. Despite lame protestations of peace, Europe seems committed to fighting ‘to the last Ukrainian’.
US President Donald Trump has deliberately sown discord worldwide in attempting to remake the world to serve supposed American interests better. He will not cede influence, let alone power and control, to other nations, let alone people.
Donald Trump’s top economic advisor claims the President has weaponised tariffs to ‘persuade’ other nations to pay the US to maintain its supposedly mutually beneficial global empire.
US President Donald Trump has again seized global attention by arbitrarily imposing sweeping tariffs on the rest of the world. He reminds us America is still boss, claiming to ‘make America great again’ (MAGA) by ensuring ‘America first’ at everyone else’s expense.
The World Bank set its US ‘dollar-a-day’ poverty line using its 1990 data. Despite many doubts and criticisms, its poverty numbers fell until the COVID-19 pandemic began in 2020.
NATO geopolitical strategy has now joined the ‘coalition’ of Western geoeconomic forces accelerating planetary heating, now led again by re-elected US President Donald Trump.
Donald Trump’s Make America Great Again (MAGA) appeal captured US mass discontent against globalisation. In recent decades, variations of America First have reflected growing ethnonationalism in the world’s presumptive hegemon.
Many in the West, of the political right and left, now deny imperialism. For Josef Schumpeter, empires were pre-capitalist atavisms that would not survive the spread of capitalism. But even the conservative Economist notes President Trump’s revival of this US legacy.
Ending US dollar dominance alone will not end monetary imperialism. Only much better multilateral arrangements to clear international payments can meet the Global South’s aspirations for sustainable development.
Corporate-dominated food systems are responsible for widespread but still spreading malnutrition and ill health. Poor diets worsen non-communicable diseases (NCDs), now costing over eight trillion dollars yearly!
The forthcoming fourth United Nations Financing for Development conference must address developing countries’ major financial challenges. Recent setbacks to sustainable development and climate action make FfD4 all the more critical.
The new geopolitics after the first Cold War undermines peace, sustainability, and human development. Hegemonic priorities continue to threaten humanity’s well-being and prospects for progress.
Despite uneven economic recovery since the pandemic, poverty, inequality, and food insecurity continue to worsen, including in the Asia-Pacific region, which used to fare better than the rest of the Global South.
Western financial policies have been squeezing economies worldwide. After being urged to borrow commercial finance heavily, developing countries now struggle with contractionary Western monetary policies.
Despite earlier income convergence among nations, many low-income countries (LICs) and people are falling further behind. Worse, the number of poor and hungry has been increasing again after declining for decades.
New institutional economics (NIE) has received another so-called Nobel prize, ostensibly for again claiming that good institutions and democratic governance ensure growth, development, equity and democracy.