The International Law and Politics of the Financial and Monetary System
Chapter 14: The global law-making process
We explore the process through which global economic law and policy is made. Most of the global bodies that make international economic law are semi-official gatherings of top policymakers who come from core states or, alternatively, private associations that make law under the supervision of core states. We scrutinize in this chapter the private underpinnings of global economic law and the tension generated by a law-making process that excludes the majority of states. Some herald the club-like nature of global economic law-making as freedom from the bureaucratic processes and the sclerosis often exhibited by global public institutions. Others lament the democratic deficit of policies and laws created by a clique of states and the private actors who reside in those states.
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