• Mission Statement

    The NGO Committee on Financing for Development at the United Nations advocates for a worldwide economy that is environmentally and socially sustainable, ethical, and people-centered.

    Guided by the 2002 Monterrey Consensus, we urge policymakers to support development strategies that end global poverty and advance human rights. We seek international financial systems that are fair and truly representative of all people. We are motivated by the moral imperatives underlying the United Nations Charter and the missions of the organizations we represent.

  • Membership Benefits

    Network and dialogue at the UN with those working on for Financing for Development (FfD) issues and collaborate with global network of FfD organizations.

    Participate in monthly meetings featuring regular briefings from the UN FfD Office and distinguished guest speakers from the UN Community.

    Voice concerns on FfD issues to the UN through written and oral statements prepared within the Committee.

    Receive notices of meetings and conferences on FfD issues sponsored by the UN or NGO Committee, including high-level meetings with Bretton Woods institutions (World Bank, International Monetary Fund, World Trade Organization).

    (Go to www.ngosonffd.org for FfD resources and committee membership form)

Can we save modern economics?

Nkoa 3By Sébastien Nkoa, OP
Economist, Banker, Project Developer – Central African Republic

Can we save our modern economy? Referring to Bernard Lonergan, ‘what is needed is a new political economy that is free from the mistake of the old political economy yet a democratic economy that can issue practical imperatives to plain men” (FNPE 5). Our answer is that our modern economy should be replaced by a New Political Economy; this new economy should bring back man at the center of its system first and reduce its reliance on science and statistic secondly.

Reforms of the old political economy are necessary in order to achieve this. There is urgent need to deal with bias. Why bias? “Problems can be manifest. Insights that solve them may be available. But the insights will not be grasped and implemented by biased minds” (B. Lonergan, Microeconomic Dynamics: An Essay in Circulation Analysis, 102). Among biases there is the bias of neurosis, fertile in evasion of insight, there is the bias of the individual egoist by which someone exploits each new situation to his own personal advantage, there is the bias of group egoism blind to the fact that the group no longer fulfills its once useful function and that in one way or another blocks development and impedes progress. This happens in many African countries whereby an elite of a few privileged people hanging around heads of state refuse to leave power, and so seek to modify their national constitution in order to maintain themselves in power. There is finally the general bias of all “good” men and women of common sense who strongly believe that they can solve all the problems by their sole actions (MD: ECA 102)

Lonergan proposes a New Political Economy which should bring back man to the center of its system. The more economics endeavors to be an exact science, the more incapable it becomes to speak to men and the greater its tendency to treat men the way the exact sciences treat atoms and guinea pigs[…]. We are asking for an instrument that democracy must have, for it is the broad generalization, the significant correlation that effectively organizes free men without breaking down their freedom (FNPE 7).

When the system that is needed for our collective survival does not exist, then it is futile to excoriate what does exist while blissfully ignoring the task of constructing a technically viable economic system that can be put in its place. Is my proposal utopian? It asks merely for creativity for an interdisciplinary theory that at first will be denounced as absurd, then will be admitted to be true but obvious and insignificant, and perhaps finally be regarded as so important that its adversaries will claim that they themselves discovered it (MD: ECA 106).