New institutional economics has received another so-called Nobel prize, ostensibly for again claiming that good institutions and democratic governance ensure growth, development, equity & democracy.

Many low-income countries (LICs) continue to slip further behind the rest of the world. Meanwhile, people in extreme poverty have been increasing again after decades of decline.

Developing country governments are being blamed for irresponsibly borrowing too much. The resulting debt stress has blocked investments and growth in this unequal and unfair world economic order.

The World Bank insists private finance is needed for economic recovery and the Sustainable Development Goals but does little to ensure profit-hungry commercial finance serves the public interest.

U.S. President Joe Biden’s Indo-Pacific Framework for Prosperity (IPEF) is the economic arm of his administration’s Indo-Pacific Strategy, aimed at countering China’s influence in the region.

The World Bank plans to use public funds to subsidize private finance, ostensibly to mobilize much more capital to address the climate crisis. But the new plan is not the solution it purports to be.

To achieve universal health coverage, all people need access to public healthcare. This should be an entitlement for all, regardless of means, requiring adequate long term sustainable financing.