The World Economic and Social Survey (WESS) provides objective analysis of pressing long-term social and economic development issues, and discusses the positive and negative impact of corresponding policies.

World Economic and Social Survey 2010: Retooling Global Development

This report highlights the systemic weakness unmasked by the recent global crises and proposes reforms in international arrangements to eliminate these deficiencies and gaps in global governance mechanisms. These weaknesses have unduly constricted national policy space and sustain the proliferation of conflicting international rules. The proposed reforms are aimed at ensuring consistency among national development efforts and global mechanisms in aid, trade and finance to pave the way towards more balanced and sustainable development. 

    The pattern of uneven development brought about by globalization so far has been sustainable neither economically nor environmentally, nor has it been feasible politically. Moreover, the global financial crisis has exposed serious weaknesses not only in the world economy but also in global economic governance. Fortunately, a remarkable spirit of multilateralism has prevailed in the responses to this upheaval. Still, this cannot hide the shortcomings in institutions and rules that were shaped, for the most part, more than 60 years ago. Since then, world conditions have become much more complex and there is much greater interdependence across nations.

    Because of the complexity and interconnectedness of today’s global challenges, a new balance must be found between international rules-setting and the provisioning of global public goods, on the one hand, and the creation of the space needed by nations to determine their own destiny, on the other. This will require a new kind of thinking and the striking of a new balance as well between decision-making processes at the national level and those at the global level.

    Retooling global development along these lines is the main theme of this year’s World Economic and Social Survey. The study does not pretend to offer a blueprint but aims instead at presenting ideas that could become the basis for a new, coherent “toolbox” designed to guide development policies and international cooperation.

    The Survey points out promising directions for reform, including strengthening government capacities for formulating and implementing national development strategies; doing more to ensure that official development assistance is aligned with national priorities; strengthening the international trade and financial systems so that countries with limited capabilities can successfully integrate into the global economy; creating new mechanisms for dealing with deficiencies, such as specialized multilateral frameworks through which to govern international migration and labour mobility, international financial regulation, multinational corporations and global value chains regulation, as well as sovereign debt workouts. Most importantly, the Survey highlights the need for a strong mechanism for global economic coordination which establishes coherence across all areas of global economic governance.

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The Team:

Christina Bodouroglou
Nazrul Islam
Alex Julca
Manuel Montes
Mariangela Parra Lancourt
Vladimir Popov
Shari Spiegel
Rob Vos

Background papers

Contact us: at World Economic and Social Survey