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Barcelona Development Agenda

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Barcelona Development Agenda

Introduction

The Barcelona Development Agenda is a statement of development principles formulated as a response to the prevailing Washington Consensus development model. Resulting from the collaboration of economists from both developing and developed countries at the 2004 Universal Forum of Cultures in Barcelona, Spain, the Barcelona Development Agenda outlines seven lessons learned from previous policy failures and successes, and presents them as priorities for future economic reforms. The principles emphasize a balance of market and government economic roles, flexible economic tools, and an increased role for sustainability and equity in governance.

Background

The Universal Forum of Cultures Barcelona 2004 that met in Barcelona, Spain from May 9th to September 26th, 2004 to promote human rights, diversity, peace, and sustainable development.[1] On the last two days of the Forum, economists from organizations around the world met to discuss the impacts of economic policies, especially global policies, on developing countries. The opening statement of the agenda laid out the discussion of the meeting: 

"We, a group of economists from developing and developed countries, met in Barcelona on September 24 and 25, 2004 to consider
the prospects for growth and development around the world. We discussed the effect of economic reforms adopted by many developing
nations over the last two decades, the lessons for economic policymaking that emerge from this experience, and the performance of
the international economic system into which poor and middle-income countries are increasingly integrated." [2] [3]

Based on trends and concerns the participants noted in international development policy, the agenda outlines principles for policy implementation that reflect both widely accepted principles of macroeconomics, such as the importance of market development, and improved understanding of challenges and solutions in developing markets, such as capital inequity and environmental impacts.

Observations of current policy

  • Gains in human rights in many developing countries.
  • Rapid growth in several countries (e.g. China and India) that has pulled millions of people out of poverty.
  • Recognition of the importance of macroeconomic stability (e.g. reduced inflation, etc.).

Three reasons for concern

  • Recurring systemic financial crises affecting developing states, including countries that applied previously-recommended development policies overseen by international organizations.
  • Lack of sustained growth in many regions that adopted reforms.
  • Persistence and growth of distributional inequalities in many developing states, especially in wealth and income.

Seven sets of lessons as seven priorities for reform

  1. Institutional quality (respect of law and property rights) plus market orientation (with balance between market and state) and distribution of income are at root of successful development strategies
  2. Large public and private debt, poorly regulated financial institutions, and loose monetary policies are serious hindrances to development
  3. No single set of policies can be guaranteed to ignite growth
  4. Multilateral trade negotiations should proceed in a manner that promotes development.
  5. International financial arrangements are not working well.
  6. Current international arrangements deal with movements of capital and labor asymmetrically.
  7. Environmental issues need to be addressed with sustainable development policies at both national and global levels.

Application of the Barcelona Development Agenda

Participants

[4]

Notes

  1. ^ "Universal Forum of Cultures Barcelona 2004". Retrieved 2011-04-18.
  2. ^ The Washington Consensus Reconsidered: Towards a New Global Governance. {{cite book}}: Unknown parameter |authors= ignored (help)
  3. ^ "Forum 2004: The Legacy. The Barcelona Development Agenda". Retrieved 2011-04-18.
  4. ^ The Washington Consensus Reconsidered: Towards a New Global Governance. {{cite book}}: Unknown parameter |authors= ignored (help)

References

Further Reading

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