Governments and Supranational Agencies: A New Consensus?

Gordon Brown

in Making Globalization Good

Published in print April 2003 | ISBN: 9780199257010
Published online November 2003 | e-ISBN: 9780191596223 | DOI:
 Governments and Supranational Agencies: A New Consensus?

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In this chapter, the UK Chancellor of the Exchequer, Gordon Brown, makes a strong plea for a greater sense of economic and moral responsibility on the part of the wealthier nations towards their poorer counterparts. It is also his conviction that for global prosperity to be sustained, it has to be fairly shared, and, as a success story, cites the institutional innovations of the early post‐war era to create an international architecture to advance this goal. However, the contemporary global economic and political scenario is very different, and Brown advocates a reconfiguration of the role of supra‐national institutions, both to meet the specific needs of global capitalism, and to drastically reduce poverty. More particularly, he proposes a new global consensus that will: (1) better enable the poorer countries to participate fully in the global economy and benefit from it; (2) encourage the international business community to adopt high corporate standards for their participation as reliable and consistent partners in the development process; (3) enable the adoption of improved trade regimes designed to improve the participation of developing countries in decision making; and (4) allow a substantial increase in development aid to nations most in need and willing to focus on the fight against poverty. The chapter concludes by stressing the responsibilities of each of the various institutions of global capitalism and, most notably, those of the business community, civil society, governments of both the richer and poorer countries, and individuals throughout the world.

Keywords: business; business community; capitalism; civil society; corporate standards; developing countries; development; development aid; economic responsibility; global capitalism; global economy; government; innovation; institutions; international business community; less developed countries; moral responsibility; post‐war history; poverty; responsibility; supra‐national institutions; trade regimes

Chapter.  6740 words. 

Subjects: International Economics

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