The evolution of international economic and social institutions lags well behind the deepening of global interdependence. Interest in reducing the global demo- cratic deficit and improving the political effectiveness of international economic, financial and social institutions has not kept pace with globalization. Global eco- nomic fora are still too exclusive, unbalanced, slow, unaccountable or weak to enable formation of policies that facilitate improving with maximum effective- ness the wellbeing of most peoples. The upgrading of the Group of 20 (G20) to be the major international meeting for national leaders of large, economically influential, countries on economic and financial issues, is a substantial step forward. But the G20 is self-selected, exclusive, has a static membership, and lacks an independent secretariat. It is therefore only a step towards a more equit- able and effective body. Other existing fora have even more serious inadequa- cies, so further extensive reform and innovation is imperative.