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Opinion
[Jeffrey Sachs] Time to overhaul global financial system
[Jeffrey Sachs] Time to overhaul global financial system
ViewpointsDec 7, 2021
At last month’s COP26 climate summit, hundreds of financial institutions declared that they would put trillions of dollars to work to finance solutions to climate change. Yet a major barrier stands in the way: The world’s financial system actually impedes the flow of finance to developing countries, creating a financial death trap for many. Economic development depends on investments in three main kinds of capital: human capital (health and education), infrastructure (power, digita