Globalisation without global governance is a disaster


The global economy is in big trouble again. Unemployment remains too high and growth too low across the Western world while emerging economies such as China and Brazil show signs of over-heating. Meanwhile the Eurozone stumbles from one market crisis to another due to its inability to deal with the insolvency of Greece. A common thread through all these problems is that they require a global or regional response from governments and monetary authorities – but that such a response is currently impossible to coordinate. This in turn is due to the weakness of the existing institutions of global governance such as the IMF, United Nations, and G20. If globalisation is not to be reversed or end in disaster it is vital that these institutions be strengthened so that they can manage economic policy on a regional or global basis.

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