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Globalization and Global Economic Governance

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  • Martin Wolf

Abstract

This article focuses on the World Trade Organization (WTO) and the International Monetary Fund (IMF). It starts by noting that the case for creating such institutions is not self-evident, since the liberal order of the nineteenth century lacked comparable ones. Nevertheless, these institutions perform valuable functions. The article then considers the criticisms of the WTO and the IMF. It finds most, thought not all, unjustified. It concludes that the WTO could be improved. But, without it, the big powers would do what they want to an even greater extent than they already do. Similarly, while the IMF has made significant mistakes, notably in its promotions of capital-market liberalization, prior to the Asian financial crisis, the charges against it are exaggerated. Finally, the article considers the possibility of creating new institutions to cover investment, migration, taxation, and the environment. Copyright 2004, Oxford University Press.

Suggested Citation

  • Martin Wolf, 2004. "Globalization and Global Economic Governance," Oxford Review of Economic Policy, Oxford University Press and Oxford Review of Economic Policy Limited, vol. 20(1), pages 72-84, Spring.
  • Handle: RePEc:oup:oxford:v:20:y:2004:i:1:p:72-84
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    Cited by:

    1. Miroslav N. Jovanovic, 2011. "Globalisation: An Anatomy," Chapters, in: Miroslav N. Jovanović (ed.), International Handbook on the Economics of Integration, Volume I, chapter 11, Edward Elgar Publishing.
    2. Nikolay Eletsky, 2016. "Contradictions of Formation of the Global Economic Governance System," International Journal of Management Science and Business Administration, Inovatus Services Ltd., vol. 2(10), pages 7-16, September.
    3. Miroslav N. Jovanović, 2015. "The Economics of International Integration, Second Edition," Books, Edward Elgar Publishing, number 15166.

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