ALBA and Coo pera tiv e De velo pment* Lessons from the European Payments Union Martin Hart-Landsberg** The member nations of the Bolivarian Alliance for the Americas (ALBA) are working to create an integrated trade and monetary zone with a new currency. This paper explores the significance of their effort, highlighting potential challenges and benefits. First, it discusses the rationale for a cooperative development strategy. Next, it analyzes the history and workings of the European Payments Union (EPU), one of the most successf ul attempts at collective regional development. Finally, it draws upon the EPU experience to suggest a process of zone construction capable of achieving ALBA’s goal of cooperative development. Keywords: Neoliberalism, Economic Development, European Pay- ments Union, Globalization, Socialism. * A version of this paper was presented at the conference on “Alter-globalization Movements and Alternative Ideas for Korea,” May 2010, Seoul, South Korea. I am grateful to Tamma Carleton for her research work on the European Payments Union. I also want to thank Paul Burkett, Tamma Carleton, Norm Diamond, and Sylvia Hart-Landsberg for their thoughtful comments on an earlier draft of this paper. ** Department of Economics, Lewis and Clark College, [email protected].
Martin Hart-Landsberg: ALBA and Cooperative Development
Jul 17, 2015
The member nations of the Bolivarian Alliance for the Americas (ALBA) are working to create an integrated trade and monetary zone with a new currency. This paper explores the significance of their effort, highlighting potential challenges and benefits. First, it discusses the rationale for a cooperative development strategy. Next, it analyzes the history and workings of the European Payments Union (EPU), one of the most successful attempts at collective regional development. Finally, it draws upon the EPU experience to suggest a process of zone construction capable of achieving ALBA’s goal of cooperative development.
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