116. Bretton Woods at 80: Why the global financial system needs big changes to boost sustainable development

The Weekly Tradecast looks at why trade, smart diversification and wider investment in development hold the keys to a more stable and sustainable future with special guest Célestin Monga, who teaches public policy at Harvard University. In June, we marked the 60th birthday of UN Trade and Development with the Global Leaders Forum. With a cascade of crises hitting the global economy, government leaders, top economists and other experts convened in Geneva to chart a new course for development in a changing world. For a deeper look from the forum, tune in to special guest economist, author and former World Bank official Célestin Monga.

With the annual meetings of the World Bank and International Monetary Fund happening this month, the Weekly Tradecast is looking at Bretton Woods with special guest Danny Quah, Dean of the Lee Kuan Yew School of Public Policy at the National University of Singapore. The Bretton Woods agreement of July 1944 – about a year before the end of World War Two – aimed to create an efficient foreign exchange system and promote trade and economic growth. All of the countries in the system agreed to a fixed peg of their currencies against the U.S. dollar, which in turn was pegged to the price of gold. The currency peg and the system collapsed in the early 1970s. But out of the Bretton Woods system came various multilateral organisations that remain as fixtures of trade, development and the global financial architecture. Today, there are calls for new approaches as climate change threatens the planet, a series of crises hit the global economy and many countries suffer from debt distress that is stunting their growth. Tune in to special guest Danny Quah from the National University of Singapore to learn more about the 80-year legacy of Bretton Woods and how the global financial system could better support development.

The Weekly Tradecast talks about a potential energy source that could play a vital role in the fight against climate change with economist and atmospheric physicist Robert Hamwey, who formerly worked at UN Trade and Development. Hydrogen is clean, green and abundant. But there are challenges -- not least that it's expensive to make and often uses natural gas in the production process. It is also very flammable. To liquefy it for shipping, it must be chilled to just shy of absolute zero. Energy companies already make most of the world’s hydrogen fuel, leaving critics to complain about vested interests. Is hydrogen really an answer to our energy needs or just an expensive diversion? Listen in to Robert Hamwey to find out.

The Weekly Tradecast looks at how the global economy is evolving in a more fragmented world with special guest Isabella Weber, assistant professor of economics at the University of Massachusetts Amherst. Since 1964, when UN Trade and Development was created, the world has changed profoundly in response to many challenges and opportunities. Now, technology and climate change are major forces transforming our work, lives and futures. At the same time, a series of crises and conflicts are creating a greater sense of fragmentation. In June, we marked the 60th birthday of UN Trade and Development with the Global Leaders Forum. Heads of government, leading economists and other experts convened in Geneva to chart a new development course in a changing world. Listen in to special guest Isabella Weber for her perspective from the Global Leaders Forum on how we can better support trade and development while building global resilience in the midst of disruptions and difficulties.

The Weekly Tradecast looks at the UN’s Summit of the Future and how any hopes for sustainable and inclusive development depend on us making fundamental changes in how we think and act. Since 1964, when UN Trade and Development was created, the world has seen huge transformations of economies, technologies and societies. To meet our new realities, world leaders at this week’s Summit of the Future will be shaping how we recover from multiple crises now and create greener, more inclusive progress for generations to come. At the summit – an initiative by UN Secretary General António Guterres – leaders are expected to agree on new measures and reforms covering the multilateral system, climate change, the digital world, the Sustainable Development Goals and more. In the face of crises and complexities, listen to the voices of eminent economists, young people, the private sector and UN Trade and Development Secretary General Rebeca Grynspan on how we can work collectively to build a better world.

The Weekly Tradecast looks at the devastating impact of the Israel-Gaza war on the Palestinian economy with Rami Alazzeh, an expert in conflict and development economics at UN Trade and Development (UNCTAD). On October 7 last year, Hamas militants launched a deadly assault on Israel, killing about 1,200 people and taking more than 250 hostages. Since then, the response by Israel's military has killed more than 40,000 Palestinians in Gaza. Much of the tiny territory has been reduced to rubble and most of its 2 million people have been displaced in a humanitarian crisis. A new report by UN Trade and Development says the economy in Gaza has collapsed and few people have any work. Beyond Gaza, Palestinians in the West Bank are increasingly feeling the effects of the war on trade, tourism and jobs. Tune in to UN Trade and Development’s Rami Alazzeh to hear more about the economic impact and what it will take to help the Palestinian economy recover and rebuild.

The Weekly Tradecast looks at international aid and how more is needed to boost economies and people with Julia Gruebler from the technical team of the UN Global Crisis Response Group. Official Development Assistance (ODA) is more than just cash. The grants, loans and technical assistance from various governments can support societies with access to electricity, clean water, healthcare and education. Along with remittances and foreign direct investment, ODA is one of the most stable kinds of external financing for developing countries, especially in times of crisis. The good news is ODA jumped to record levels in 2022, even during a pandemic. But developing regions actually saw ODA shrink by 2 percent – affecting more than 70 countries and nearly 3 billion people. As conflict, geopolitics and financial pressures reshape priorities, the aid landscape is undergoing huge shifts that could undermine development in many countries. Listen in to UN Trade and Development’s Julia Gruebler for more on aid under pressure and the future of ODA.

The Weekly Tradecast looks at the economic power and potential of creativity with our special guest, John Howkins, who coined the term "creative economy". Countries, companies and universities around the world are eager to embrace innovation and people with fresh ideas. The creative economy – ranging from art, film and theatre to advertising, fashion, music and video games – is already worth at least $1.5 trillion and it's growing fast. UN Trade and Development (UNCTAD) says the industry and its creative solutions can support sustainable development, promote diversity and help overcome global challenges.  So how do we make money from ideas and how can that power a brighter future for everyone? To find out listen in to John Howkins visiting professor at the University of Lincoln and vice dean and visiting professor at the Shanghai School of Creativity.

The Weekly Tradecast looks at cocoa and the impact of climate change with UN Trade and Development (UNCTAD) senior economist Rodrigo Cárcamo-Díaz. Cocoa beans are the key ingredient of chocolate and also an important part of health supplements, cosmetics, fragrances and more. But cocoa prices have risen sharply this year, driven up by poor harvests in West Africa, which produces the bulk of global supplies and the El Niño weather phenomenon earlier this year. Hotter temperatures and shifts in rainfall caused by climate change also have an impact on harvests. Soaring prices are squeezing chocolate makers and hitting consumers. But the higher prices are not translating into gains for farmers – who are struggling with higher production costs and lower crop yields. Tune in to UN Trade and Development's Rodrigo Cárcamo-Díaz to find out if we’re in a cocoa crisis?

The Weekly Tradecast looks at lead-acid batteries and why they remain so popular despite the world moving towards greener energy with UN Trade and Development’s (UNCTAD) Henrique Pacini. Invented more than 160 years ago, lead-acid batteries are still the most widely used rechargeable batteries. Reliable and relatively cheap, they're found in everything from cars and trucks to electric wheelchairs and backup power supplies. But they carry significant costs for the environment and our health. Making the batteries creates greenhouse gases, and lead is a toxic metal that is especially harmful to children and pregnant women. In developing countries, economic need often outweighs safety as people melt down the valuable lead to repair and reuse old batteries. Listen in to UN Trade and Development’s Henrique Pacini to see how we can make recyclable batteries that are affordable – and also safer for our health and our environment.