SIDETRACKED
A not so funny thing happened on the way to the G20 meeting in Cannes last week. The leaders from the group of industrial and developing economies were heading in the direction of taking bold action against hunger and poverty and soaring commodity prices that were rattling the global food chain. Then, in the days before arriving in the ritzy French resort town, they were distracted by the escalating economic calamity in Greece. Instead of focusing on the poor and ensuring the global food supply, as they pledged to do, they were preoccupied with securing their own economies against the European debt contagion.
The G20 leaders did deliberate some about hunger and food prices. Their final communiqué repeated the standard concerns from past meetings. But you have to wade halfway through the statement to find them. Paragraph 18, about the supervision of commodity derivatives markets: “We agree that market regulators should be granted effective intervention powers to prevent market abuses.” Paragraph 19, about promoting agriculture production: “We decided to invest in and support research and development of agriculture productivity.”
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Expert Commentary - In Defense of Smart Foreign Assistance
By Rajiv Shah
This piece originally appeared on USAID Impact Blog
This week more than 2,000 government, civil society and private sector leaders have gathered in Busan, South Korea with one goal: to improve the quality and effectiveness of development aid.
The setting is especially significant; 50 years ago, South Korea was largely a country of peasant farmers. It was poorer than two-thirds of the countries in sub-Saharan Africa and its people barely lived past the age of 54.
Today, South Korea is a high-tech hub, a net donor and its people have some of the longest life expectancies in the world. South Korea also happens to be the seventh largest market for American goods; we sell more to the South Koreans than we do to the French. The free trade agreement President Obama recently signed with South Korea means we’ll be selling even more to Seoul in the future, leading to high-paying American jobs.
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