Book Chapter
The Existing System and the Missing Institutions

This chapter considers the institutions, with a focus on the United Nations, the Bretton Woods institutions, and the World Trade Organisation, to sketch some contours of reform and change necessary in the existing system. It then sets out the issues, of emerging significance in the contemporary world, to suggest that there are some missing institutions, which are needed. The issues selected, global macroeconomic management, international financial architecture, transnational corporations, cross-border movements of people, or international public goods and public bads, are illustrative rather than exhaustive. In addition, the chapter explores some important elements of governance, such as structures of representation or decision-making in institutions, international rules or norms, evolution or change in institutions, and the role of the nation state, which are critical for any vision about the future.