From a Centralized to a Decentralized Global Economic Architecture
Author | : Pradumna Rana |
Publisher | : |
Total Pages | : 0 |
Release | : 2013 |
Genre | : |
ISBN | : |
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This paper argues that calls for a New Bretton Woods system in the aftermath of the global economic crisis -- similar to the remarkable 1944 Bretton Woods conference that led to the establishment of various international economic institutions -- are unlikely to be answered. The likely scenario is that the centralized architecture from before the global economic crisis will evolve toward a more decentralized and multilayered global architecture where regional institutions are linked together to a “senior” global organization in a complementary manner by rules and regulations. The paper also highlights the new regional institutions that Asia needs to establish to contribute to this evolving global economic architecture.