ABSTRACT

The preceding chapters have described how the growing interdependence between the various economies in the world has created the need for global public goods (GPGs) and this in turn has led to the development of international institutions. These chapters have also shown that this global international institutional system is far from ideal. Because of the difficulties of collective action, certain aspects are not covered, obsolete structures have difficulty in being adapted and there is a lack of consistency between the actions of many self-contained organizations. In the words of Nobel Prize winner Joseph Stiglitz (2002: 22):

We have a system that can be called global governance without global government, one in which a few institutions . . . and a few players . . . dominate the scene, but in which many of those affected by their decisions are left almost voiceless.