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- Title
HOW PREPARED IS THE COMMONWEALTH FOR THE EMERGING NEW WORLD ECONOMIC ORDER?
- Abstract
The extent to which the world economic crisis has affected countries varies; but delegates agreed it was more significant in industrialized countries. In the wake of this crisis, developing countries of Latin America and Asia were emboldened by a rapid growth in their work-force, technology and financial integration. They have caused a major shift in the balance of economic power. Participants observed that the recent expansion of the G8 into the G2O will help mitigate inherent weaknesses requiring sustained recovery. Commonwealth countries should engage and dialogue with China rather than being antagonistic. Stronger Commonwealth economies should support weaker ones. Parliamentarians emphasized the need to face the challenges of emerging stronger economies creatively and ensure interparliamentary conference resolutions bear tangible results. However, assessments of preparedness should be countryspecific. Delegates agreed to use their common heritage to bolster collective bargaining power, initiate persuasive interventions against unfair multilateral trade regimes, embrace peer review mechanisms, implore upon Bretton Woods institutions to give appropriate assistance, share experiences, build capacities and fully integrate with partner states.
- Subjects
COMMONWEALTH Parliamentary Association; FINANCIAL crises; LEGISLATIVE bodies; COLLECTIVE bargaining; INDUSTRIAL relations; DEVELOPING countries
- Publication
Parliamentarian, 2010, Vol 91, Issue 4, p336
- ISSN
0031-2282
- Publication type
Article