Perhaps it's time to throw out competitive, nation-state focused development and reorganize the global economic system around an "international and collaboratively planned" economy modeled off the of intentions of the European Union and Sweden’s social-democratically planned economy.

We if can't move beyond competive economic models based on capital accumulation, then we can expect to habitually experience not only recessions (or collaspes, whatever you want call them) but also the continual failing of governments to provide the basic food, health, security, quity (etc) for its people. OF COURSE developing countries keep finding themselves bankrupt, the current system requires it. The low prices in our country (and accross the global North), that is, our "growth" requires them to remain in a poorer, less developed state, exploitatble state. And they will continue to remain in this state unless we learn to synchronize our economize, share the growth and share the burdens.

IMF: Mounting debt threatens global recovery