
By Charles Abugre and C.P. Chandrasekhar
In multiple ways multilateralism, or the coming together of the international community to further global good, is under challenge today. ‘Conflicts’, not least among them the genocide in Gaza, are an obvious challenge. But there is in the economic sphere a silent subversion of multilateralism underway that also needs to be stalled and reversed. This is the view that the “financing for development challenge” is so huge and the share of the private sector in the holding and disposal of the world’s financial surpluses so large, that it is only private initiative that can successfully implement the programmes needed to realise the SDGs and address damaging climate change.
The corollary of that position is that the role of governments is no more to try and move surpluses from private to public hands (through new forms of international tax cooperation, for example) but to use the available public resources as means to unlock private investments and expenditures. The call is to go beyond the recognition that the tasks of realising the SDGs, ensuring the needed carbon transition, and building resilience the world over, are primarily governmental or ‘public’ responsibilities, and that cooperation among governments (or multilateralism) is the best means to implement those tasks. Pragmatism demands, it is argued, that these tasks and therefore multilateralism, or the conjoint responsibilities of global governments, must be “outsourced”.
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