“The United States and other donor nations should provide substantially greater economic assistance on terms that are more flexible and responsive to the priorities set by Africans themselves,” urged Nelson Mandela, former president of South Africa and former head of the African National Congress, on May 16 at the Brookings Institution in Washington, D.C.
With just 12 years left to achieve the Millennium Development Goals (MDGs, see Box 1), a greater sense of urgency is needed by all sides if the targets are to be met. Many developing countries are making substantial progress toward the MDGs as a result of improved policies, better governance, and the productive use of development assistance. But they could do more with the right mix of policy reforms and additional help. Scaling up efforts to meet the MDGs by 2015 presents both opportunities and challenges. By acting now, developed countries can hasten progress by providing more and better aid and by allowing greater access to their markets. Developing countries, for their part, will need to continue to improve their policies and the way they are implemented. Without greater impetus, there is a serious risk that many countries will fall far short on many of the goals.
'Global Governance: Who's in Charge?' examines the challenges—financial, health, environmental, and trade—facing the international community in the 21st century and asks whether today';s system of global governance is equipped to cope with them. The lead article asserts that the system that served as a model for much of the 20th century is out of date, and it explores what needs to be done to strengthen it. Other articles on this theme look at the recent U.S. subprime market crisis, the differences between financial crises of the 19th and 20th centuries and what future crises will look like, the need for a stronger system of multilateral trade, and how global health threats can be handled. 'People in Economics' profiles Michael Kremer; 'Picture This' describes the changing aid landscape; 'Country Focus' spotlights the United Arab Emirates; and 'Straight Talk' examines the impact of high food prices. Also in this issue, articles examine development in Africa, and 'backcasting' data in Latin America.