The Global Governance Architecture: Drifts in International Economic & Partnership

The Global Governance Architecture:

Drifts in International Economic &Partnership

The Bretton Woods Giants & BRICS (NDB & AIIB)

Public lecture RL Vol XI No XXVII, CXXIV, MMXVII

Costantinos Berhutesfa Costantinos, PhD

Professor of Public Policy & Sustainable Institutional Reforms

https://addisababa.academia.edu/CostyCostantinos

Abstract

The Bretton Woods Institutions are the World Bank, and the International Monetary Fund (IMF). They were set up at a meeting of 43 countries in Bretton Woods, New Hampshire, USA in 1944. Their aims were to help rebuild the shattered post-war economy and to promote international economic cooperation. It was developed at the United Nations Monetary and Financial Conference. It has been apparent since before the turn of the century that the post-World War II governance structures were untenable, because the assumptions that formed their foundation were beginning to crumble. Because of the challenges facing these institutions, the G20 finance ministers and central bank governors established an eminent persons group on global financial governance to make recommendations on how to reform the world economy’s institutional infrastructure.

Now, the world is now casting its eyes on Xiamen, the coastal city in China’s Fujian Province, as it just hosted the ninth BRICS Summit themed deepening the BRICS partnership and opening up a brighter future. Over the past decade, the BRICS bloc has transformed itself from a concept to an entity by strengthening dialogue, deepening cooperation and establishing the New Development Bank and Contingent Reserve Arrangement. The Asian Infrastructure Investment Bank is a new multilateral financial institution founded to bring countries together to address the daunting infrastructure needs across Asia. There are two issues important issues here. One is whether the BRICS or the G20 will ignore or substitute for the views of the G77 or larger bodies of developing countries whose voices are only too rarely heard in international policy discourse. The second is whether the BRICS countries’ dealings with other countries of the South are following desirable patterns or simply replicating North-South interaction.

Key words: BRICS, IMF, World Bank, China, NDB, AIIB,

See lecture here or https://www.academia.edu/35296389/Drifts_in_the_Global_Governance_Architecture_RL_Vol_XI_No_CCCXI_MMXVII.pdf