Global Policy Forum

By Martin Khor

Dear Friends,

On 16 September 1998, the UNCTAD (UN Conference on Trade and Development) published its annual Trade and Development Report for 1998. It contains a comprehensive and incisive analysis of the Asian crisis, of financial crises in general, provides a critique of the IMF approach, and gives its own concrete proposals for how to manage and prevent such crises.

I have written three articles summarising what I considered to be the most interesting points of this report, which is attached below for your information. It seems to me that the proposals (including a reflationary strategy for affected countries, an international Chapter 11-type debt standstill mechanism, and national capital control policies) should be taken up by the NGO community for advocacy. The proposals go beyond the wishy-washy "new financial architecture" rhetoric (which seems to imply that greater IMF surveillance to ensure disclosure and transparency in developing countries and better managed banks are the solution).

I hope you will find the time to read these articles. Those who wish to obtain the full report can send an email to UN Publications New York at This e-mail address is being protected from spambots. You need JavaScript enabled to view it (tel 1-212-9638302) or to UN Publications Geneva at This e-mail address is being protected from spambots. You need JavaScript enabled to view it (tel 41-22-9170027).

Best wishes,
Martin Khor
Third World Network, director
228 Macalister Road, Penang, Malaysia
(fax 604-2264505, email: This e-mail address is being protected from spambots. You need JavaScript enabled to view it )

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