Inequalities In The Global Financial System Exposed By COVID-19
To stem the economic fallout from COVID-19, developed countries have injected an unprecedented US$9 trillion into their economies.
The International Monetary Fund has recommended sustained fiscal support, emphasizing greater spending on health care and environmental protection projects.
Meanwhile, countries in the “global south” – broadly, low- and middle-income countries in Latin America, Asia and Africa – face more dire circumstances. They don’t have the ability to inject that level of cash into their economies.
And it’s not only because their economies are poorer.
As an economics professor, I focus on the systemic inequalities in the global financial system that block such access in developing economies.
With a greater public awareness of soaring inequality within countries, it is ...