The Systemic Approach to International Financing for Development and the Need for a World Tax and Financial Organization

Jorge Garcia-Arias ()
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Jorge Garcia-Arias: University of Leon, Leon, Spain.

The European Journal of Development Research, 2013, vol. 25, issue 1, 60-77

Abstract: Monterrey Consensus (MC) inspired hope that some progress would be made in international financing for development (IFfD). However, at the beginning of a new decade, private capital flows continue to exhibit their defining characteristics (scarcity, spatial concentration, volatility and reversibility), the debt problem continues to limit the development prospects of many less developed countries and Official Development Assistance has remained as the insufficient final element of the whole system. Moreover, the consequences of global financial and economic crisis highlight the need for reforming the current financing system and the need to redesign key aspects of the international financialisation process. Hence, a systemic (holistic) approach to IFfD is required. This article analyses the recent evolution and current status of IFfD, examines the relationship between the current model and international financialisation, and proposes a set of measures intended to remove the bottlenecks that currently are found in both processes; most of these converge on the need for a World Tax and Financial Organisation.Le Consensus de Monterrey a suscité l’espoir que des progrès seraient réalisés dans le financement international du développement. Pourtant, en ce début de décennie, les flux de capitaux privés continuent de présenter les mêmes caractéristiques (rareté, concentration spatiale, volatilité et réversibilité), le problème de la dette limite toujours les perspectives de développement d’un grand nombre de PMA, et l’APD reste le dernier élément faible de l’ensemble du système. En outre, les conséquences de la crise financière et économique mondiale mettent en exergue la nécessité de réformer le système financier actuel et de remanier certaines dimensions-clés du processus global de financiarisation. Ainsi, une approche systémique (et holistique) du financement international du développement est requise. Cet article analyse l’évolution récente et l’état actuel du financement international du développement, examine le lien entre le modèle actuel de ce financement et la financiarisation internationale, et propose un ensemble de mesures destinées à éliminer les goulets d’étranglement qui aujourd’hui entravent les deux processus ; la plupart de ces mesures appellent à la création d’une Organisation Fiscale et Financière Internationale.

Date: 2013
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