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    China is no Soviet Union
    Güven Sak, PhD 10 April 2021
    According to the new IMF World Economic Outlook’s global growth estimates, there is light at the end of the tunnel. We are going to have a global recovery in 2021 and 2022, and guess what? The recovery is powered by two engines: the US and China. This is crucial to realize, since many are still are beating the drums of a cold war of sorts between the two giants, be it in trade, maritime borders, or any number of other issues. The world must not fall back on this instinct, especially not as we are nearing recovery from the pandemic. [More]
    A new Bretton Woods must consider developing countries
    Güven Sak, PhD 04 April 2021
    While giving a speech last week, Kristalina Georgieva, the managing director of the International Monetary Fund (IMF), started and ended her speech with quotes from Franklin D. Roosevelt’s message to the Congress, asking them to adopt the Bretton Woods Agreement: “The point in history at which we stand is full of promise and danger.” The moment Georgieva is invoking, of course, created the institutions she is currently presiding over. The United Nations Monetary and Financial Conference was held in July 1944 at the Mount Washington Hotel in Bretton Woods, New Hampshire to set the post-war rules of the global economic order. Delegates from 44 nations created a new international monetary system. That was the beginning of what we often call the rules-based international order and the new glob [More]