ABSTRACT
This chapter examines the functions of global governance pertaining especially to the development domain, and within it, the Bretton Woods institutions and the UN system. It outlines where these institutions are falling short and how they could be reformed if effective global governance is to deliver the international public goods and services needed to facilitate development. The architects of the institutions had intended to build an effective system of global management and it is useful to recall the context in which the objectives were determined. Although the Bretton Woods institutions strayed from their original mandates, their respective roles in the governance of the post-war economy were quite precisely laid down in the 1944 conference. The macro-economic environment and the existence of basic legal and financial institutions are more critical than the technical capacities of state ministries. More comprehensive assessments of the financial health of individual countries are also required.
