ABSTRACT
The fourth paradigm shift is on GOVERNANCE. While aid has often been a force for good, it has also been misused and wasted, in part due to the institutions and processes through which it is managed. Aid governance is stuck in the 20th century, with a handful of countries taking the major decisions and contributions fluctuating depending on “donor” circumstances. In this chapter we argue that, at this time of flux, there is a moment of opportunity to reorder the way the world manages development cooperation. An improved system of Global Public Investment requires more democratic decision making about the size, purpose and accountability of contributions, moving away from a donor-recipient mentality and towards more horizontal partnerships with all countries and other stakeholders (including civil society) sat at the decision-making table. There is no easy answer to the problem of global governance – power is power – but, if we get it right, Global Public Investment could push new types of partnership which will be the difference between an era of global progress and one in which we are unable to curtail the constant jostling of nation states for supremacy, to the detriment of marginalised communities and our planet as a whole.
