March 9, 2009
By
Vijaya Ramachandran
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The world has become more interdependent, yet no progress is being made toward an effective, coherent system of global governance. The various pieces of the fragmented system in place (from the UN to the Bretton Woods institutions at the more formal end to the G-7, G-8 at the more informal end) have not kept pace with change in the world. Many scholars, policymakers and journalists argue that the institutions established after World War II have lost much of their relevance and do not add up to the system that managing the world’s growing interdependence demands. Broadly speaking, we need a global governance system that reflects the geopolitical and economic world of the 21st century. Read More…