GLOBAL IMBALANCES, CRISIS AND THE LACK OF GLOBAL GOVERNANCE
GLOBAL IMBALANCES, CRISIS AND THE LACK OF GLOBAL GOVERNANCE

Summary/Abstract: While briefly shrinking during the global crisis, global imbalances in trade and financial flows and their underlying systemic causes have not gone away. The current monetary non-order causes developing countries to adopt defensive strategies against fickle markets and allows developed countries to engage in beggar-thy-neighbour strategies, with a reliance on exports serving to offset their failure to manage domestic demand. Global imbalances are a symptom of existing systemic governance shortcomings. They can only be properly addressed by global governance reform and proper international policy coordination.

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