ABSTRACT
Globalization opens markets and increases the interactions between countries in the world economic space. As a result, the global economy, itself, may be seen as a commons, one that calls for coordinated management. As the world becomes more inte-grated, international organizations and compacts are increasingly important to establish policies that can achieve global objectives. In this chapter, we consider the global economy as a commons and we discuss the impact of globalization on the institutions that manage the international economy. These were originally developed in response to fundamental needs for improved international cooperation and coordination. We ask how these institutions can deal with the broad common problems of the world economy and what will be required of them in the future.
