How can we mend a broken system? Looking for ways to reform the international financial institutions

Ways to reform International Financial Architecture
Ways to reform International Financial Architecture

By Daniel Kostzer

The future of the world is being questioned on a global scale, affecting countries of all income and development levels. The agenda of the ‘golden years’ of capitalism has drastically shifted and the notion of a ‘rising tide that lifts all boats’ has proven to be an illusion, in economic terms. New risks have replaced the former status quo.
There is an urgent need to reform the International Financial Institutions (IFIs) established by the Bretton Woods Agreements of 1944. The focus should be on creating a common agenda that fosters a ‘win-win’ situation for all, rather than imposing values from the Global North in a ‘top-down’ way. 

Can this be achieved within the current institutional framework? Is it simply a matter of governance or does it require additional resources?

 

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