Counter-Globalization and Socialism in the 21st Century

8 The SUCRE and the ALBA-TCP Monetary Union

Responses from the South to the global crisis

Antulio Rosales and Manuel Cerezal

 

Introduction

In the wake of the global financial crisis, much academic and political debate has focused on possible reforms and new mechanisms needed in the international financial architecture in order to deter the consequences of the crisis and to prevent future ones. As a result, a new political forum, the G-20, has emerged as a consultation mechanism where northern powers seek support from the most prominent emerging economies of the South to pursue policy articulation. The G-20, in turn, has created a new institution, the Financial Stability Board, while strengthening the position of the IMF in the global economic ...