Faced with threats ranging from climate change to hugely disruptive technological advances, the world is clearly at a crossroads. More than ever a stable, inclusive and global governance is needed.
Global governance, which has encouraged world economic growth and development, is under transformation, shifting towards multipolarity. The US-led Bretton Woods order is giving way to a new configuration of global power, new coalitions of states, new governance, and new institutions. This process has largely been triggered by the US retreat from global duties. But who could be the new guardian of globalization?
The way out might be multilateral platforms of cooperation, like BRICS+ or SCO+, based on integration and cooperation between regional blocks, development banks, sovereign wealth funds etc. Such a globalization model may harbour the advantage of being more sustainable and inclusive compared with the ‘core–periphery’ paradigm.
In sum, what shape should the new global governance take? Find answers in a Valdai Paper by a champion of Bretton Woods’s reform, Marc Uzan, and Programme director of the Club, Yaroslav Lissovolik.