The Co-operative Party

Perhaps the most important thing the financial crisis has taught us is that in the modern world, no country is able to solve all of its problems on its own. As we face the greatest challenge to the world economy in modern times, the looming catastrophe of climate change and the continued emergency of global poverty; co-operation between nations has never been more important. This is essential to creating a new world economy – which is designed to provide for all of our long term interests, rather than short term gains for the few.

The speculative nature of investment within the global economy rewards short term decision making and reduces the accountability of business to its owners, including the majority of ordinary citizens through their pensions. To help ensure our future economic stability, we should campaign for the global introduction of taxes on capital transfers in the international stock, credit derivative and currency markets through agreement at the G20 group of nations and the UN.

The events leading up to the financial crisis were characterised by a failure to provide the right economic information, and a lack of independence by those who did. Tackling the agency problems inherent in the supply of economic information is vital to ensuring our future stability.