The Globalization
and Governance Program was established in 2000 to conduct
critical examination of
the role of international institutions in the globalization
process. In the present environment of accelerating interdependence,
policy-makers face a hard dilemma: on the one hand is the
widely recognized need for improved international mechanisms
to guide the globalized system toward more equitable and
sustainable ends; on the other, are the practical problems
associated
with achieving the inclusiveness and accountability
necessary for ensuring legitimate and effective global institutions.
Few would dispute the shortcomings of the current status
quo, in which the World Bank and International Monetary Fund
- whose voting models and constitutive arrangements are among
the least democratic of the international institutions -
maintain a dominant and ever expanding sphere of influence
over the global economic system. At the same time, a review
of governance models across the broader spectrum of international
organizations reveals widely divergent practices and approaches
to the question of what constitutes good governance at the
global level.
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