The Architecture of World Governance
The UN Reform and the Alterglobalization Movement
Setting up an Arbitration Tribunal on Debt: An Alternative Solution?
Dialogs on Party Systems and Global Democratization
Rethinking Global Governance
For a Legitimate, Efficient, and Democratic Global Governance
Redefining Global Governance to Meet the Challenges of the Twenty-first Century
Structure of Global Governance: Explaining the Organizational Design of Global Rulemaking Institutions
The UN and World Governance
The UN: Which Reforms for What Future?
From Westernization to Globalization. A Brief History of Chinese Modernity
Moving Toward a New World Governance
Expanding and Reinforcing the Objectives of the Kyoto Protocol: Inciting International Stakeholders to Engage in Greenhouse-gas Transparency
The Future of Democratic Sovereignty and Transnational Law
The IMF, the World Bank, and Respect of Human Rights
After Copenhagen, Some Light on the Horizon
Henceforth, the Keys to the Future are Responsibility, Solidarity, and Courage
Low-carbon Economy and Sustainable Development
Political Parties and Global Democracy
The Right to Water as a Human Right
Does Global Governance Ensure That the Global Public Interest Is Served?
Oil slicks: An Ocean of Profits
Negative Growth or Sustainable Development?
Seven Leverage Points for the Passage from Economy to Œconomy
Civil Society’s Impact on the Multilateral Sphere: Lessons Learned and Future Directions
When World-regulation Experts "Play" the Regions ...
Forging a World of Liberty under Law: US National Security in the Twenty-first Century
Youth and World Governance
On the Road to Rio+20 - Proposals for a Citizen Project
Bringing the Violence of War under Control in a Globalized World
Citizen participation in the process of state reform
Hearing on Neo-liberal Politics and European Transnational Corporations in Latin America and the Caribbean
Securing Common Property in a Globalizing World
Universal Declaration of Emerging Human Rights
Another Future Is Possible
An Open Letter to the Commoners and Co-operators of the World
The problems with global governance—and the consequences of these problems— today
are becoming better understood. The closer integration of the countries of the world—
globalization—has given risen to a greater need for collective action. Unfortunately,
economic globalization has outpaced political globalization. We are just beginning to
develop an international rule of law, and much of the ‘law’ that has developed—for
instance the WTO rules governing international trade—are grossly unfair; they have been designed to benefit the developed countries, partly at the expense of the developing
countries. We approach international issues in an ad hoc, piecemeal manner.
After analyzing the current state of the global institutions, and identifying the current forces for change, the author establishes a 8 points list for a possible global reform.
The institutions that do exist have undemocratic governance, and suffer from
‘smokestack syndrome.’ A single country, for instance, has effective veto at the IMF;
votes are allocated on the basis of economic power, and not even based on current
economic standing.2 Even though the policies of the IMF (or other international
economic institutions) have enormous implications for many aspects of society—for
education, health, or the environment, it is only the finance ministers and central bank
governors that have a direct say. By contrast, within western democracies, when
important economic issues are being discussed, typically all of those who are affected
have a voice in the decision, even if some voices are stronger than others. Today, few
democracies limit voting to those with property, or apportion voting rights on the basis of
After giving an idea of the undemocratic nature of the International Institutions nowadays, Stiglitz analyzes in this clear-minded essay, which are actually the current "forces for change", from the self-interested motives and the need of mutual cooperation, to the need of recognition of a rule of law and the democratic forces. In a late section the author proposes a list of reforms concerning the International Institutions internal organization and external role in the framework of the global governance architecture. He also deals with global taxation, the management of global resources and the environment, the production and protection of global knowledge, and the need for a Global legal infrastructure.
Source (direct link): IPD Web Site - Columbia University
Citation: Stiglitz, Joseph. E. (2004; The Future of Global Governance; Initiative for Policy Dialogue (IPD); IPD Working Paper.