It Is Finally Time for a New Bretton Woods

Improving global governance
Posted Jul 01, 2020 | Center for International Governance Innovation

The root causes of the current globalisation crisis originate well before the COVID-19 pandemic. James Boughton suggests in this paper for the Center for International Governance Innovation that among lessons that can be drawn from Bretton Woods is that systemic reform requires cooperative leadership from major countries, and that negotiating reform should be completed before the crisis fades. Deeper international cooperation should achieve three key objectives: prepare for the pandemics that will follow this one; restore and sustain cross-border trade, finance and data flows under mutually beneficial conditions for all countries; and establish more comprehensive and efficient processes to cope with longer-term stresses, including extreme poverty, income inequality and the effects of climate change. But, at present, major countries are unlikely to commit to the level of effort and cooperation that is needed to transform international relations sufficiently.


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