The Role of the Bretton Woods Institutions in Global Economic Governance

Abstract

The modern, globalized world is developing increasingly complex structures. Globalization has multiple forms, social, political, economic and cultural ones. It cannot be calculated efficiently as a condition and process as it is not a concept which is complete in its content as well as the way it works as a whole. Its key feature is connectivity, followed by expansion, growth, acceleration and intensity of interconnectivity beyond political and geographical boundaries. Proceedings in a region are becoming increasingly important for individuals and societies regardless of their geographical distance. The current form of globalization exhibits dense and multiple weaves of connectivity characterized by an unprecedented institutionalization. A significant role in the process of organizing the global system is being played by international institutions such as the IMF and the WB. Their decisions shape and promote the core principles of globalization, attaching to it legitimacy and ideological orientation. The new models which emerge through the institutions are boosted and disseminated through the dominant position they are holding in the organization system of globalization.Despite the extent and intensity of institutionalization, there is no supreme authority which can take political decisions directly applicable globally. That is, there is no global political governance of the international system. It seems, however, that a global economic governance system is looming in the horizon, which may not be strictly demarcated and consolidated but it is gradually becoming gigantic.This paper will attempt to investigate the limits and the basic features of the emerging global economic governance and the role played by the Bretton Woods institutions in it.