Governing Globalization: Issues and Institutions(WIDER Studies in Development Economics)

It is now more than fifty years since the United Nations system and the Bretton Woods institutions were created. The world has changed since then, and so have its governance needs in terms of institutions and rules. It is time to think about the contours of institutions and governance that would meet the needs of the world economy, and also polity, at least for the first quarter of the twenty-first century. This book is the first to examine the subject in depth. The study is divided into four parts. The first situates the subject in the wider context of globalization which has shaped development in the world economy, affected the living conditions of people, and constrained the role of nation states. The international context and the national setting are explored. The second part analyses some issues of emerging significance in the contemporary world, such as global macroeconomic management, transnational corporations, international capital flows, and cross-border movements of people, to suggest that there are some missing institutions which are needed. The third part provides a critical evaluation of the existing institutions, in retrospect, with a focus on the UN, the IMF, the World Bank, and the WTO. It analyses how existing rules need to be modified or existing institutions need to be restructured to meet the present and future needs of global governance. The fourth part explores some important elements of governance which are critical for any vision of the future. It suggests some changes in existing institutions and points to emerging governance needs where new institutions may have to be created. This authoritative volume will be of enormous value to readers with an interest in international economics, development economics, and international relations. It will also be of immense value to practitioners, both policy-makers and diplomats, concerned with problems of global governance, and should become the standard reference on the subject.

Table of Contents:
Part I: Context 1: Deepak Nayyar: Introduction 2: Amit Bhaduri: Nationalism and Economic Policy in the Era of Globalization Part II: Issues 3: Lance Taylor: Global Macroeconomic Management 4: Sanjaya Lall: Transnational Corporations and Technology Flows 5: Yilmaz Akyüz and Andrew Cornford: Capital Flows to Developing Countries and the Reform of the International Financial System 6: Deepak Nayyar: Cross-Border Movements of People Part III: Institutions 7: Richard Falk: The United Nations System: Prospects for Renewal 8: Jong-Il You: The Bretton Woods Institutions: Evolution, Reform, and Change 9: Joseph E. Stiglitz: Globalization and the Logic of International Collective Action: Re-examining the Bretton Woods Institutions 10: S. P. Shukla: From GATT to WTO and Beyond Part IV: Governance 11: José Antonio Ocampo: Reforming the International Financial Architecture: Consensus and Divergence 12: G. K. Helleiner: Developing Countries in Global Economi Governance and Negotiation Processes 13: Devesh Kapur: Processes of Change in International Organizations 14: Deepak Nayyar: The Existing System and the Missing Institutions

About the Author :
Deepak Nayyar is currently Vice-Chancellor of the University of Delhi. During his career he has taught economics at the University of Oxford, the University of Sussex, the Indian Institute of Management, Calcutta, and Jawaharlal Nehru University, New Delhi. His academic life has been interspersed with short periods in government, most notably as Chief Economic Adviser to the Government of India and Permanent Secretary in the Ministry of Finance. Professor Nayyar is a member of many commissions, committees and boards, both national and international.