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Global Risks and Collective Action Failures

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Global Risks and Collective Action Failures

What Can the International Community Do?

IMF,

5 min read
5 take-aways
Audio & text

What's inside?

Coordinating global cooperation to tackle global problems isn’t easy, but it is possible.

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Editorial Rating

8

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  • Analytical
  • Scientific
  • Background

Recommendation

The fizzling of the Kyoto Protocol underscores the world’s desultory response to climate change. Depressing, yes, but don’t despair completely, argues economist İnci Ötker-Robe of the International Monetary Fund. Remember smallpox? If not, that’s because every nation in the world committed to eradicating it. The same held true for the hole in the ozone layer; nations agreed to take action to avert a crisis. While this timely report offers no easy answers, getAbstract recommends it to those seeking insights into collective global risk management.

Summary

In 1967, the World Health Organization declared war on smallpox. By 1980, after a $300 million campaign, public health officials announced that smallpox no longer existed. It was a model case of global cooperation. Thanks to widespread agreement that eradicating smallpox was a worthy goal, scientists and doctors effectively erased a disease from the Earth. If only nations could attack other global issues – climate change, for instance – so effectively. Yet reaching consensus isn’t easy, and fixing pervasive problems often requires broad collaboration. Whether the threat is environmental, financial or health-related, some issues are...

About the Author

İnci Ötker-Robe is an adviser at the International Monetary Fund’s Monetary and Capital Markets Department.


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