Press Releases

Progressive policies for the G20, new ippr publication

Email this to a friend Print Delicious Digg Facebook Reddit

01 April 2009

A coordinated global fiscal stimulus, measures to alleviate the plight of those most affected by the recession, an overhaul of the system of global governance and the establishment of public banks are just some of the solutions proposed for the G20 by a group of eminent international progressive thinkers.

In a pamphlet published at a launch event ahead of the G20 meeting in London, the Institute for Public Policy Research has asked leading progressive thinkers to each come up with one policy recommendation which they think the G20 should act on as a priority.

The result is a pamphlet of ideas, 20 on the G20, which seek to advise the G20 on ways to limit the effects of the recession and restore stability to the financial system by putting the global economy back on course for sustainable and balanced growth. The wide ranging proposals include contributions from high profile thinkers including:

The Archbishop of Canterbury Dr Rowan Williams, calling for a commitment to agreement on climate change at Copenhagen later this year
Muhammad Yunus, 2006 Nobel Peace Prize winner and founder of Bangladesh’s Grameen Bank calling for creation of a global social business fund
John Podesta, Centre for American Progress calling for a global strategy to reduce carbon emissions
Ha-Joon Chang, University of Cambridge urging candidness about protectionism
David Pitt-Watson, Hermes Fund Managers arguing for principles-based financial regulation
Costas Lapavitsas, SOAS, University of London, wants commercial banks to be placed under public ownership

Lisa Harker, Co-Director, ippr said:
“The proposals outlined today point towards the kind of progressive policies that are needed to build a fairer, more democratic and environmentally sustainable world.

“As well as dealing with the immediate financial crises the G20 must not neglect issues that were on the agenda before the crisis developed and that remain important today, including addressing poverty and climate change.

“Of course, the G20’s work will not be finished after the London Summit. Once the immediate crisis is over, world leaders will have to come up with policies that ensure a more stable global economy in which fairness and environmental sustainability take centre stage.”

The proposals are far and wide ranging with themes including:

The immediate economic crisis: including measures to counter the downturn, like Gerry Holtham, Hedge Fund Manager’s call for a coordinated fiscal stimulus; or to alleviate the plight of those most affected by it like Diane Coyle OBE of Enlightenment Economics and Manchester University, who wants specific measures to help the unemployed and those in danger of losing their homes.
Correcting inequalities created by the crisis: including Dieter Helm of Oxford University who recommends a switch from consumption to investment; Jayati Ghosh of Jawaharlal Nehru University and International Development Economics Associates who calls for a redistribution of income to allow wage-led, rather than debt-led, growth; and John Podesta and Professor Jiahua Pan, two members of ippr’s Global Climate Network who make a united plea for fiscal stimuli to be focused on low-carbon initiatives and green innovation.
Radical reforms: include Jim O’Neill from Goldman Sachs arguing for an overhaul of the system of global governance and the creation of a new G4 group; Robert Schiller from Yale University calling for the G20 to establish an international market in Gross Domestic Products of the countries of the world; and Costas Lapavitsas an economist and author, arguing for commercial banks to be placed under public ownership.

Notes to Editors

20 on the G20 a collection of policy recommendations edited ippr will be published on Wednesday 1 April 2009. Embargoed copies are available from the ippr press office upon request.

The pamphlet will be launched at an event on Wednesday 1 April, 12:30-14:00, at ippr offices, 30-32 Southampton Street, London WC2E 7RA. Speakers will include

Graham Turner of GFC Economics and author of 'The Credit Crunch'
Philippe LeGrain, journalist, economist and author of 'Immigrants: Your country need them' and 'Open World: The truth about globalisation'.
Jayati Ghosh, Professor of Economics at Jawaharlal Nehru University, New Delhi and the executive secretary of International Development Economics Associates (IDEAS)

Please contact the ippr press office for press accreditation to this event.

ippr’s Global Climate Network is a collaboration of independent, progressive research and policy organisations committed to answering these questions. Working with institutes and think tanks in Brazil, China, Germany, India, Nigeria, Australia and the US, it aims to help bridge the divide between industrialised and developing countries on climate change policy.

Contact

Kelly O’Sullivan, Media Officer on k.osullivan@ippr.org / 020 7470 6125 / 07753 719 289