A successful outcome in Bali will inject some credibility back into the WTO as a trade negotiating forum. The failure to conclude the Doha Round after 12 years has led many to question the future of multilateral trade rounds. Agreement at Bali will also underpin continuing political support for the WTO more broadly including its dispute settlement mechanism.
[The] IMF has established more credibility in this crisis than those who have consistently refused to acknowledge its extent.In seeking to improve the process of dealing with debt restructuring, the IMF is fulfilling its mission to provide “…the machinery for consultation and collaboration on international monetary problems.” (IMF Article of Agreement I(i).) Its members should allow it to meet that mandate.
The current economic and financial crisis has given rise to a vigorous debate about what training graduate and undergraduate economics students are receiving. This column argues that we don't teach enough economic and financial history, even though it is crucial in thinking about the economy. It also offers a wealth of opportunities for teachers who wish to motivate their students.