Vol. 45 No. 1 (2015)
EXPERT OPINION

Perspectives on Global Economic Governance

S. Afontsev
Institute for World Economy and International Relations, and Institute of International Relations (MGIMO-University), Moscow
Bio

Published 2018-07-09

Keywords

  • GLOBAL ECONOMIC GOVERNANCE,
  • INTERNATIONAL ECONOMIC INSTITUTIONS,
  • EFFICIENCY-LEGITIMACY DILEMMA,
  • BRICS,
  • G20

How to Cite

1.
Afontsev С. Perspectives on Global Economic Governance. ECO [Internet]. 2018 Jul. 9 [cited 2024 Oct. 10];45(1):101-13. Available from: https://ecotrends.ru/index.php/eco/article/view/924

Abstract

Since the beginning of the global financial crisis in 2008, the architecture of global economic governance has undergone substantial changes. Although much progress has been made in reducing democracy deficit which had long plagued international economic institutions, the traditional legitimacy-operativeness dilemma is still in place. To cope with this dilemma, multilateral regulatory initiatives should be supplemented by a country-club approach in areas where serious interest mismatch of major global players is present. Recent financial initiatives of the BRICS countries are revealing examples of potential gains such an approach can bring without affecting any third party negatively.

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