Leading governments undertook extraordinary measures to offset the 2008 economic crisis, shoring up financial institutions, stimulating demand to reverse recession, and rebalancing budgets to alleviate sovereign debt. While productive in and of themselves, these solutions were effective because they were coordinated internationally and were matched with sweeping global financial reforms. Unfortunately, coordination has weakened after these initial steps, indicating one of the crisis’s adverse effects will be a significant reduction in development cooperation.
Urging advanced nations to improve their support for development, the contributors to this volume revisit the causes of the 2008 collapse and the ongoing effects of recession on global and developing economies. They reevaluate the international response to crisis and suggest more effective approaches to development cooperation. Experts on international aid join together to redesign the cooperation system and its governance, so it can accept new actors and better achieve the Millennial Development Goals of 2015 within the context of severe global crisis. In their introduction, José Antonio Alonso and José Antonio Ocampo summarize different chapters and the implications of their analyses, concluding with a frank assessment of global economic imbalance and the ability of increased cooperation to rectify these inequalities.
Focus areas: Global economic governance with a focus on the global monetary and financial architecture, developing countries’ macroeconomic policies, particularly in Latin America, economic history of Latin America
José Antonio Ocampo is director of the Economic and Political Development Concentration in the School of International and Public Affairs, Member of the Committee on Global Thought and co-President of the Initiative for Policy Dialogue at Columbia University. He is also the Chair of the Committee for Development Policy, an expert committee of the United Nations Economic and Social Council (ECOSOC). In 2012–2013 he chaired the panel created by the IMF Board to review the activities of the IMF’s Independent Evaluation Office; in 2008–2010, he served as co-director of the UNDP/OAS Project on “Agenda for a Citizens’ Democracy in Latin America”; and in 2009 a Member of the Commission of Experts of the UN General Assembly on Reforms of the International Monetary and Financial System.
Prior to his appointment, Ocampo served in a number of positions in the United Nations and the Government of Colombia, most notably as United Nations Under-Secretary General for Economic and Social Affairs; Executive Secretary of the Economic Commission for Latin America and the Caribbean (ECLAC); Minister of Finance and Public Credit, Chairman of the Board of Banco del República (Central Bank of Colombia); Director of the National Planning Department (Minister of Planning); Minister of Agriculture and Rural Development, and Executive Director of FEDESARROLLO.
Ocampo has published extensively on macroeconomic theory and policy, international financial issues, economic and social development, international trade, and Colombian and Latin American economic history.
Ocampo received his BA in economics and sociology from the University of Notre Dame in 1972 and his PhD in economics from Yale University in 1976. He served as Professor of Economics at Universidad de los Andes and of Economic History at the National University of Colombia, and Visiting Fellow at Universities of Cambridge, Oxford and Yale. He has received a number of personal honors and distinctions, including the 2012 Jaume Vicens Vives Prize of the Spanish Association of Economic History for the best book on Spanish or Latin American economic history, the 2008 Leontief Prize for Advancing the Frontiers of Economic Thought and the 1988 “Alejandro Angel Escobar” National Science Award of Colombia.