Global Economic Governance After the Crisis

Abstract

It has become common to insist that contemporary international economic problems require a great increase in the extent of “global governance” of economic affairs. This desire, understandable as it may be, confronts a series of major obstacles. First, the normative case for global governance is more difficult to justify, and more complex, than is usually recognized, and requires consideration of both economic and political-economy principles. Second, in practice, the provision of governance at the supra-national level – that is, of international public goods – depends largely on support from powerful and concentrated interests. Third, this dynamic means that the types of international public goods provided, the way they are provided, and the governance structures erected around them are biased in favor of their strongest supporters, and are therefore likely to be a source of continuing controversy.