Abstract
This analysis argues for a system of global economic, social and political governance in which development aid is part of wider global redistributive mechanisms to foster social progress and development in the twenty-first century. The study provides two arguments in favour of setting up a new system of global governance, and the role of aid in such a new system. First, since in the current international economic system aid cannot cope with adverse external shocks, a new system of global governance is necessary in order to protect LDCs from the volatility of the international economic system. Second, it is argued that a new system of global governance is needed to improve redistribution at the global level to foster social progress and development.
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