ABSTRACT
The subject of "Global Governance" became topical in the 1990s with a rash of financial crises, the most far-reaching and dramatic one having started in East Asia in mid-1997 and spread around the world before subsiding during the course of 1999. The chapter critically surveys what has been achieved to date under the leadership of the world's great economic powers. It focuses on the issue of how to achieve or restore financial stability in a globalizing and increasingly sophisticated capital market. The chapter dwells principally on the more advanced developing countries and "emerging markets", it does not delve into the issues related to the needs of the poorest countries and people in the emerging global system. The objective must be to seek viable policy alternatives for achieving and maintaining global financial stability, alternatives that attract the support of policy makers in both the industrial and developing countries.
