The Asian Perspective
- ADBI series on Asian Economic Integration and Cooperation
Edited by Masahiro Kawai, Peter J. Morgan and Pradumna B. Rana
Chapter 2: From a centralized to a decentralized global economic architecture: an overview
The Asian Financial Crisis of 1997–98 led to calls for a new international financial architecture and discussions focused on crisis prevention, crisis management and crisis resolution efforts (see Kawai and Rana, 2009). The global economic crisis (GEC) of 2008–09, which was initially expected to be the worst crisis since the Great Depression of the 1930s, likewise led to calls for a New Bretton Woods (NBW) system – a wider and much more comprehensive set of reforms of the global governance system and international economic institutions (IEIs), similar to the remarkable 1944 Bretton Woods conference where the World Bank, the International Monetary Fund (IMF) and the General Agreement on Tariffs and Trade (GATT), the predecessor of the World Trade Organization (WTO), were established. In the post-global economic crisis (GEC) period, a number of academics and politicians have made calls for an NBW. These include Stiglitz (cited in Bases 2008) and Sarkozy and Brown (cited in Kirkup and Waterfield 2008). The central bank governor of the People’s Republic of China (PRC), Zhou (2009), has also made a pitch for a new reserve asset; and the World Bank President, Zoellick (2010), has called for a return to a modified gold standard. Supporting the need to return to a modified gold standard, Mohamad (2012) has called for an NBW with poor countries well represented. So far, a number of proposals to reform the global economic architecture (GEA) – the configuration of institutions for global economic governance – have been implemented.
You are not authenticated to view the full text of this chapter or article.
Elgaronline requires a subscription or purchase to access the full text of books or journals. Please login through your library system or with your personal username and password on the homepage.
Non-subscribers can freely search the site, view abstracts/ extracts and download selected front matter and introductory chapters for personal use.
Your library may not have purchased all subject areas. If you are authenticated and think you should have access to this title, please contact your librarian.