Since the global financial crisis, debates on the future of global economic governance have been particularly acute. Entrusting global economic governance from G7/8 to the G20 in order to include emerging powers has been marked as a milestone in global governance. Despite this change, significant challenges remain and gaps still need to be filled to solve global governance. Failure to progress at the multilateral level has led to major concerns that the international community will underprovide much needed governance for global public goods (GPGs) which are crucial for developmental progress. Recognising this stalemate, it is necessary to revisit what can be done to progress towards more effective and adequate provision of the governance of GPGs. In particular, while there is a current tendency not to conclude formal global rules (e.g. restrictions on carbon emissions or global trade rules) due to especially rapid and large shifts in global economic power, how can progress be made? Will the BRICS provide global economic governance in a rapidly changing world? What international bodies and institutions can be of help with this process?
Zhenbo Hou, Jodie Keane and Dirk Willem te Velde