Time to make the world economy fairer

US protectionism and the subsequent trade disputes are calling into question the very nature of the World Trade Organization. And the persistent criticism of the Bretton Woods institutions (the International Monetary Fund and the World Bank) suggests the global economy strongly needs updated or new organizations. After all, we have already witnessed the rise of BRICS (Brazil, Russia, India, China and South Africa) and the G20, and emerging powers' and developing countries' claim for better and fuller recognition.

So what can be done?

The most powerful of them all and somehow a symbol of Western neoliberal hegemony is the IMF. Its "structural adjustment programs" were not good prescriptions in regions as diverse as South America, Africa, Eastern Europe - Greece has fresh and painful memories.