Overview

Leading governments undertook extraordinary measures to offset the 2008 economic crisis, shoring up financial institutions, stimulating demand to reverse recession, and rebalancing budgets to alleviate sovereign debt. While productive in and of themselves, these solutions were effective because they were coordinated internationally and were matched with sweeping global financial reforms. Unfortunately, coordination has weakened after these initial steps, indicating one of the crisis's adverse effects will be a significant reduction in development cooperation. Urging advanced nations to improve their support for development, the contributors to this volume revisit the causes of the 2008 collapse and the ongoing effects of recession on global and developing economies. They reevaluate the international response to crisis and suggest more effective approaches to development cooperation. Experts on international aid join together to redesign the cooperation system and its governance, so it can accept new actors and better achieve the Millennial Development Goals of 2015 within the context of severe global crisis. In their introduction, José Antonio Alonso and José Antonio Ocampo summarize different chapters and the implications of their analyses, concluding with a frank assessment of global economic imbalance and the ability of increased cooperation to rectify these inequalities.

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This welcome volume provides a relevant and highly useful set of arguments on an issue that's at the top of the international agenda. -- Ricardo Ffrench-Davis, professor of international economics, Universidad de Chile A valuable contribution to the current editorial landscape. * Academic Councel on the United Nations System *

This welcome volume provides a relevant and highly useful set of arguments on an issue that's at the top of the international agenda. -- Ricardo Ffrench-Davis, Universidad de Chile

Author Information

Jose Antonio Alonso is director of the Complutense Institute for International Studies (ICEI) and professor of applied economics at the Universidad Complutense of Madrid. He is a member of the Committee for Development Policy at the United Nation's Economic and Social Council (ECOSOC) and the editor of Principios: Estudios de Economia Politica. His most recent books are Accion Colectiva y Desarrollo: el Papel de las Instituciones, coauthored with Carlos Garcimartin, and Corrupcion, Cohesion Social y Desarrollo, coedited with Carlos Mulas-Granados. Jose Antonio Ocampo is professor in the School of International and Public Affairs and fellow of the Committee on Global Thought at Columbia University. He has been a member of the United Nations Commission of Experts on Reforms of the International Monetary and Financial System and has served as Under-Secretary-General of the United Nations for Economic and Social Affairs, Executive Secretary of the United Nations Economic Commission for Latin America and the Caribbean, and Minister of Finance, Agriculture, and Planning for Colombia. His most recent books are Handbook of Latin American Economics, coedited with Jaime Ros, and Time for a Visible Hand: Lessons from the 2008 World Financial Crisis, coedited with Stephany Griffith-Jones and Joseph E. Stiglitz.

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