Economics, The Commons

People Sharing Resources | Toward a New Multilateralism of the Global Commons

The Limits to Private and Public Goods

The opening decades of this century are a pivotal time in which many
of our current beliefs and practices will be reexamined. During the last
century, the economic and political catastrophes that befell the world
inspired an earlier generation to create a multilateral system defined
by an unprecedented vision of cooperation and security for the
international community. It promised that global private goods
(financial investment, private credit and trade) and global public goods
(aid, loans through the International Monetary Fund and World Bank and
other assistance from international development programs) would resolve
the world’s major domestic and transborder economic problems. But this
grand experiment in international cooperation has failed miserably.

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People Sharing Resources | Toward a New Multilateralism of the Global Commons