Governing Globalization

Issues and Institutions

It is now more than fifty years since the United Nations system and the Bretton Woods institutions were created. The world has changed since then, and so have its governance needs in terms of institutions and rules. It is time to think about the contours of institutions and governance that would meet the needs of the world economy, and also polity, at least for the first quarter of the twenty-first century.

This book is the first to examine the subject in depth. The study is divided into four parts. The first situates the subject in the wider context of globalization which has shaped development in the world economy, affected the living conditions of people, and constrained the role of nation states. The international context and the national setting are explored.

The second part analyses some issues of emerging significance in the contemporary world, such as global macroeconomic management, transnational corporations, international capital flows, and cross-border movements of people, to suggest that there are some missing institutions which are needed.

The third part provides a critical evaluation of the existing institutions, in retrospect, with a focus on the UN, the IMF, the World Bank, and the WTO. It analyses how existing rules need to be modified or existing institutions need to be restructured to meet the present and future needs of global governance.

The fourth part explores some important elements of governance which are critical for any vision of the future. It suggests some changes in existing institutions and points to emerging governance needs where new institutions may have to be created. This authoritative volume will be of enormous value to readers with an interest in international economics, development economics, and international relations. It will also be of immense value to practitioners, both policy-makers and diplomats, concerned with problems of global governance, and should become the standard reference on the subject.

Table of contents
  1. Part I: Context
    Towards Global Governance
    Deepak Nayyar
  2. Part I: Context
    Nationalism and Economic Policy in the Era of Globalization
    Amit Bhaduri
    More Working Paper | Nationalism and Economic Policy in the Era of Globalization
  3. Part II: Issues
    Global Macroeconomic Management
    Lance Taylor
  4. Part II: Issues
    Transnational Corporations and Technology Flows
    Sanjaya Lall
  5. Part II: Issues
    Capital Flows to Developing Countries and the Reform of the International Financial System
    Yilmaz Akyüz, Andrew Cornford
    More Working Paper | Capital Flows to Developing Countries of the International Financial System
  6. Part II: Issues
    Cross-Border Movements of People
    Deepak Nayyar
    More Working Paper | Cross-Border Movements of People
  7. Part III: Institutions
    The United Nations System: Prospects for Renewal
    Richard A. Falk
    More Working Paper | The United Nations System
  8. Part III: Institutions
    The Bretton Woods Institutions: Evolution, Reform, and Change
    Jong-Il You
  9. Part III: Institutions
    Globalization and the Logic of International Collective Action: Re-examining the Bretton Woods Institutions
    Joseph E. Stiglitz
  10. Part III: Institutions
    From GATT to WTO and Beyond
    S. P. Shukla
    More Working Paper | From GATT to WTO and Beyond
  11. Part IV: Governance
    Reforming the International Financial Architecture: Consensus and Divergence
    José Antonio Ocampo
  12. Part IV: Governance
    Developing Countries in Global Economic Governance and Negotiation Processes
    Gerald K. Helleiner
  13. Part IV: Governance
    Processes of Change in International Organizations
    Devesh Kapur
  14. Part IV: Governance
    The Existing System and the Missing Institutions
    Deepak Nayyar
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'... excellent ... In a world shaped by Gradgrindian economic rationalism research that seeks to redress the devastating social and distributional inequities determined by those policies is a refreshing stimulus for political and economic policy change. This is an invaluable text for the theorist, policy maker and teacher seeking to understand the mechanisms of international institutional intervention.' - Australian Journal of Political Science