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| International governance for inclusive globalization |
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Globalization has given rise to a growing framework of economic and financial rules, regulations and institutions to guide the processes involved. However, there is a widespread sense that this framework is neither complete nor balanced. Many countries lack the basic economic, technological and institutional capacities needed to benefit from globalization, and have limited bargaining power to fully participate in globalizing markets. Existing financial rules, regulations and institutions have neither prevented greater volatility throughout the global economy, nor prevented contagion during economic crises.
There is therefore an urgent need to give social concerns and policies equal weight with economic factors at an international level. Trade liberalization requires proper institutions for adjustment and social security, capital flows will dry up in times of social unrest, and international investment calls for rapid educational advancement of the labour force. There is a need for a better-integrated multilateral system, as no organization can advance such an agenda on its own.
These issues come together in considering international governance. How can globalization be managed to be more inclusive? How to increase the transparency and accountability in both the public and private spheres? What might be the contours of a more cogent and coherent rules.
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