ABSTRACT
This chapter focuses the possibility that China has a strategic motive in pledging before the G-20 to recapitalise the International Monetary Funds (IMF's) Special Drawing Rights (SDRs). The G-20's repeated affirmations of confidence in the IMF and the World Bank has revealed emerging economies to be hollow in their collective political will to reorder the global economy towards justice. The G-20 will continue to be the most relevant intergovernmental institution in the economic sphere as long as the current structural distribution of power remains in its present shape. The crisis since 2008 has delivered a harsh wakeup call to existing multilateral financial institutions like the IMF and the World Bank that had been perpetuating the interests and ideas of free market fundamentalism which are now in retreat. Finally, the chapter raises hard questions about the 'R' of radicalism and the G-20's ideological crutches that are hampering a speedy end to the crisis on hand.
