The clamour for a new global economic architecture has been around since the Asian Financial Crisis in 1997. The current global economic crisis only added fodder to this longstanding call for reforms to the global economic governance system. As this proposal has been the subject of various global meetings, such as the G20 Summit, are we even closer to finding what the shape of this new global economic architecture should be?
Dr Pradumna Rana, an Associate Professor from the S. Rajaratnam School of International Studies (RSIS) offers some ideas on what the future global economic architecture could look like. He presented his thoughts on “Evolving Global Economic Architecture: Will We Have A New Bretton Woods?”, at the 5th Asia-Europe Editors’ Roundtable, held on 3 October 2010 in Brussels.
Dr Rana has since published his RSIS Working Paper on the subject. In it, he argues that a new Bretton Woods system might not be the best scenario for the global economic architecture of the future. Instead, an ideal system would be the establishment of a more inclusive global economic organisation, one which links institutions through a set of rules and regulations. In his view, Asia could contribute to the realisation of this new global architecture by establishing institutions to help enhance economic integration in the region.
Read Dr Rana’s Working Paper here.