International public finance, that is required to address global challenges in the decades to come, is woefully inadequate. And rather than aid, which offers an obsolete approach, we should be talking about joint investments – or as my guest this week puts it, Global Public Investment (GPI).
In his recent book, The Future of Aid: Global Public Investment, Jonathan Glennie urges us to move away from the patronizing and outdated aid narrative.
For starters, he points to the ambitious SDGs and the need for more money to achieve these goals in the years ahead. Domestic resources, he argues, is insufficient to address the challenges the world currently faces and will face in the years ahead. What we must do, he argues, is to turn around the donor-recipient relationship and encourage even the poorest countries to contribute 0.7 % of their GNI to international development. This would in turn require a transformational governance structure where everyone sits around the table – a structure that mitigates the fact that some countries have more money and contribute more than others.
Jonathan Glennie is a writer and campaigner on human rights, international cooperation, sustainable development and poverty.
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