Publication

What constitutes an effective system of global governance in the new world order of the 21st century? This paper proposes simple yet fundamental criteria - based on global shares of GDP and population - around which global governance might be organized. It analyzes the role that this criteria would assign to different countries and compares it with some of the key components of the governance system currently in place, namely the Bretton Woods institutions and the UN. The authors find major disparities between the two systems and argue that this suggests the need for fundamental changes in sharp contrast to the incremental changes that are currently being considered.