While the collective issues to be coped with in a globalized world are of increasing importance, the necessary means for tackling those issues are rudimentary. So is the "idea" that has principally been meant to solve those contemporary challenges being faced by political leaders: global governance.
The economic facet of the concept comprises a wide range of actors and processes, each seeking influence and control so as to be able to promote their views sonorously on what should (or should not) be subject to international regulation. Yet, the significance of intergovernmental cooperation highly exceeds that of the other components and unambiguously emerges as the most commonly applied "strategy" to react to globalisation - not only in the field of economy. Although the existing multilateral institutions have undoubtedly made important contributions to the unprecedented progress and economic growth of many countries since the Second World War, they were designed largely for the world of more than half a century ago.
This paper intends to emphasize the main drawbacks of the present form of global economic governance through focusing solely on the major pillars of the contemporary intergovernmental cooperation in regulating the global economy: the International Monetary Fund (IMF), the World Bank (WB) and the World Trade Organisation (WTO).
Balazs Ujvari is pursuing an MA degree in International Studies at Aarhus University. His research field is centred upon global economic governance and trade-led economic growth.