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The Stockholm Statement: A New Year’s development resolution
Dissatisfaction with globalization has spread around the developed and developing world. The Washington Consensus, which calls for unfettered liberalization and privatization, and macroeconomic policies that focus on inflation rather than employment and growth, have attracted much criticism over the years.
Is it time to revise the conventional economic wisdom?
An opinion article published by Kaushik Basu, François Bourguignon, Justin Yifu Lin, and Joseph E. Stiglitz in the Nigerian newspaper Business Daily reviews the eight broad principles of the Stockholm Statement and refers to them as the core new approach to development that the world needs.
The opinion article has also been republished in the opinion magazine Project Syndicate.
About the Stockholm Statement
Thirteen of the world's leading development economists signed the Stockholm Statement in late 2016, which summarizes what they see as the core principles for development policy-making going forward. In their view, inequality within countries is threatening social cohesion and economic progress, and development needs to be seen in a broader perspective in order to achieve more equitable and sustainable results.
The Statement is based on two days of intense discussions held in Stockholm to review and assess the challenges faced by today’s economic policy makers. The meeting was hosted by the Swedish International Development Cooperation Agency (Sida) and the World Bank on 16-17 September 2016.