A new vision for agriculture
momagri, movement for a world agricultural organization, is a think tank chaired by Christian Pèes.
It brings together, managers from the agricultural world and important people from external perspectives,
such as health, development, strategy and defense. Its objective is to promote regulation
of agricultural markets by creating new evaluation tools, such as economic models and indicators,
and by drawing up proposals for an agricultural and international food policy.
A look at the news

“Globalization and Its Discontents” continues

May 20, 2013

At a time of renewed speculation in agricultural futures markets, of food crises threatening to reappear and of prospects for ending the crisis that seem to be postponed indefinitely, an increasing number of voices are questioning the reasons behind the crisis defined by many as a broadening of the 2008 turmoil. Among such opinions, we note that of Joseph Stiglitz, the American economist and recipient of the Nobel Prize in economic sciences, who has long condemned the blind faith in market infallibility and unregulated free trade.

In a recent article published on the IMF blog––IMF Direct1––Joseph Stiglitz takes a step further than merely explaining the reasons for the 2008 financial crisis. He comes back to the lessons to be learned from past failures and the need to reassess of our now obsolete paradigms.

For Stiglitz, markets are neither stable nor efficient and do not self-regulate, and believing it would be falling in one of the bewilderments that led to the 2008 financial crisis. Ultimately, we have to redesign the whole current economic model, a model that remains focused on exogenous shocks and does not consider endogenous risks, that is to say market risks. How then can we engineer economic systems that are less exposed to risks, or that generate less volatility?

The need for reform, regulation and structural transformation is real and, as Stiglitz points out, “The most fundamental change required is renovating the government system, so that globalization works as it should.”2 Consequently, it is urgent to build an international governance system that will make it possible to create favorable conditions for the economic development of the planet and to better prepare for the next crises.

1 The full article is available from: http://blog-imfdirect.imf.org/2013/05/03/the-lessons-of-the-north-atlantic-crisis-for-economic-theory-and-policy/
2 “Globalization and its Discontents”, Joseph E. Stiglitz, 2002.
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Paris, 18 December 2018