Macroeconomics Global

The way our international economy is managed is broken. So we need to redesign it.

The problem

The global economy is facing multiple crises and uncertainties. From the Covid pandemic to energy and inflationary shocks, and major cost of living crises in many countries. There is an urgent need to tackle climate and ecological breakdown, and inequality between and within countries arising from a deeply extractive economic model. Unjustly, we see the most damaging impacts fall disproportionately on countries that are least responsible, including the most climate vulnerable economies,across the Global South.

What we need now

We need our key international economic institutions to work together for a more coordinated and targeted approach to tackle the most urgent challenges of today, including climate breakdown and growing inequality. We can’t address environmental breakdown and protect human wellbeing without a radical rethink. We need to refocus policy making towards broader social and environmental milestones.

Across two days in June 2024, jointly with UCL’s Institute for Innovation and Public Purpose (IIPP), we brought together experts and civil society representatives to discuss what a macroeconomic framework for a just transition would look like, at national and international levels. Watch the opening panels’ remarks for the four sessions below.

1. Financing a green transition: reinforcement or reduction of global inequalities?