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Policy Space for Developmental States in a Multipolar World: In Search of Social Reproduction and Economic Redistribution Marina Durano, DAWN WIDE Annual Conference 2009 Basel, Switzerland World Growth Rate Outline • Double standards and power inequalities • Politics of aid and limits of multilaterallycoordinated action • Re-ordering towards a multi-polar world • Expansion of policy space as implicit demand for sovereignty Double Standards • Fiscal Stimulus versus Fiscal Discipline • Trade protectionism versus trade liberalization • Liquidity expansion versus lack of access to financing or new debt obligations On Fiscal Space • Developed countries had the fiscal space to opt for a fiscal stimulus package when recession hit • Developing countries are typically advised by Bretton Woods institutions to maintain conservative fiscal deficit targets, particularly during an economic crisis On trade policy • 78 Measures since the G20 Meeting in Washington, DC • increase in tariffs (Russia, Ecuador) • non-tariff measures (Argentina, Indonesia, India, China) • “Green” policies, e.g. US subsidies to battery production in US-based factories On liquidity • G20 Leaders agreed to $250 billion SDR allocation but split according to equity shares • In 1997, there was already an agreement for an SDR allocation but never fulfilled • Additional resources to WB and IMF for relending-- raising the possibility of new debt obligations • Searching for new sources of liquidity Limits of multilateralism • The politics of aid has set limits on multilaterallycoordinated action. • WB-IMF-WTO are preferred by donors as centers of macroeconomic policy discussions and decision-making--”division of labor” • The UN is seen as lacking capacity in this subject area. A multi-polar world • Large middle-income countries are creating new centers of power • Brazil, China, India, South Africa, Russia(?) • As “new” donors, leading trade negotiations, providing alternative currencies for international payments Int’l Reserves $Bn 2009 Growth % GDP $Tn Public Debt/GDP % External Debt/GDP % USA 70.57 -1.6 14.58 74.90 93.42 Canada 41.08 -1.2 1.34 62.30 56.74 UK 57.30 -2.8 2.28 47.20 458.53 Ger 136.20 -2.5 2.86 62.60 156.79 France 115.70 -1.9 2.10 64.40 209.63 Italy 104.00 -2.1 1.80 103.70 58.86 Japan 954.10 -2.6 4.49 170.40 32.25 G-7 1478.95 China 2033.88 6.7 7.80 15.70 5.38 Brazil 197.40 1.8 2.03 40.70 11.63 Russia 435.40 -0.7 2.23 6.80 23.69 India 274.20 5.1 3.32 59.00 4.91 Taiwan 280.90 0.89 0.76 28.20 13.08 S. Korea 231.20 0.7 1.31 27.20 19.05 Sing 170.10 -2.5 0.24 92.60 10.25 3622.20 Reproduction and Redistribution • Political demands expressed as increased spending on issues that matter to feminists • Alignments with heterodox/alternative policy proposals • Expansion of policy space and fiscal space serves as the vehicle for feminist demands On sovereignty • Increased policy space is an implicit demand to secure sovereignty • A reaction to the emasculation of state power through its “marketization” or conflict • Nation-state remains the key political target: strengthening the state and regulating the market Gender-equitable Public Policy • Policy measures that create behavioural incentives so that there is a re-balancing of responsibilities for provisioning among social institutions (e.g. care diamond). • Protect and promote in the global politico-economic order