"Now is the time to rediscover John Maynard Keynes’s revolutionary ideas for an international trade organisation and adapt them to rebalance the world’s economies in the 21st century."

"The economist John Maynard Keynes came to the postwar table with an innovative project for the future of world trade, which he called the International Trade Organisation (ITO), supported by an international central bank, the International Clearing Union (ICU). The ICU was meant to issue a world currency for trade, the bancor. Why the ITO and the ICU never materialised, and what would have changed if they had, forms a sobering story from which we can learn. It tells us that, in a rational world, it would be possible to construct a trading system serving the needs of people in both North and South."

Read more in this Monde Diplomatique article by Susan George