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The Washington Consensus ReconsideredTowards a New Global Governance$
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Narcís Serra and Joseph E. Stiglitz

Print publication date: 2008

Print ISBN-13: 9780199534081

Published to Oxford Scholarship Online: May 2008

DOI: 10.1093/acprof:oso/9780199534081.001.0001

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The Future of Global Governance

The Future of Global Governance

(p.309) 14 The Future of Global Governance
The Washington Consensus Reconsidered

Joseph E. Stiglitz (Contributor Webpage)

Oxford University Press

Today we have come to understand better not only why there is such discontent with globalization, but why globalization has not worked as well as it could for so many of the world's people. It is essentially a problem of governance. The international rules of the game are often unfair, and the international institutions are undemocratic and have pushed an ideology that has resulted in policies ill-suited to many developing countries. In spite of increasing global collective action, change has been slow. This chapter focuses on the forces that may actually lead to meaningful reform of global government, and discusses a few of the elements of the system of governance that may or should evolve. These reforms include increased transparency and democracy in the official and unofficial global governance institutions, improved financing of global public goods, better management of global natural resources and public knowledge, and the creation of a global legal infrastructure. Unless these reforms are made, the already palpable disillusionment with globalization will spread, with untold consequences, both for those in the developed and the less developed countries.

Keywords:   globalization, global natural resources, public knowledge, global legal infrastructure, global public goods

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