Inclusive economics and the IMF – Michael Roberts
“…the IMF is worried. Climate change, rising inequality and increased geopolitical ‘fragmentation’ threaten the world economic order and the stability of the social fabric of capitalism. So something must be done. As I reported before, Georgieva argues that “In the years ahead, global cooperation will be essential to manage geoeconomic fragmentation and reinvigorate trade, maximize the potential of AI without widening inequality, prevent bottlenecks on debt, and respond to climate change.”
“Global cooperation? We are in a world where rivalry between the major economic powers is intensifying, with the US imposing trade tariffs, technology bans, and military measures against China , while Europe conducts a proxy war with Russia. Corporations, banks and governments continue to subsidise fossil fuel production while avoiding significant cuts in greenhouse gas emissions; and the rich get richer and the poor cannot catch up. We are in a lost decade not just for the world’s poor, but also for reversing global warming and avoiding geopolitical conflict.”