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Globalization and Global Economic Governance


  • Martin Wolf


This article focuses on the World Trade Organization (WTO) and the International Monetary Fund (IMF). It starts by noting that the case for creating such institutions is not self-evident, since the liberal order of the nineteenth century lacked comparable ones. Nevertheless, these institutions perform valuable functions. The article then considers the criticisms of the WTO and the IMF. It finds most, thought not all, unjustified. It concludes that the WTO could be improved. But, without it, the big powers would do what they want to an even greater extent than they already do. Similarly, while the IMF has made significant mistakes, notably in its promotions of capital-market liberalization, prior to the Asian financial crisis, the charges against it are exaggerated. Finally, the article considers the possibility of creating new institutions to cover investment, migration, taxation, and the environment. Copyright 2004, Oxford University Press.

Suggested Citation

  • Martin Wolf, 2004. "Globalization and Global Economic Governance," Oxford Review of Economic Policy, Oxford University Press, vol. 20(1), pages 72-84, Spring.
  • Handle: RePEc:oup:oxford:v:20:y:2004:i:1:p:72-84

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    References listed on IDEAS

    1. Sinn, Hans-Werner, 1990. "Tax harmonization and tax competition in Europe," European Economic Review, Elsevier, vol. 34(2-3), pages 489-504, May.
    2. Charles M. Tiebout, 1956. "A Pure Theory of Local Expenditures," Journal of Political Economy, University of Chicago Press, vol. 64, pages 416-416.
    3. Eichengreen, Barry, 1990. "Is Europe an Optimum Currency Area?," CEPR Discussion Papers 478, C.E.P.R. Discussion Papers.
    4. Robert Ford & Pierre Poret, 1991. "Infrastructure and Private-Sector Productivity," OECD Economics Department Working Papers 91, OECD Publishing.
    5. Aschauer, David Alan, 1989. "Is public expenditure productive?," Journal of Monetary Economics, Elsevier, vol. 23(2), pages 177-200, March.
    6. Razin, A. & Sadka, E., 1991. "International Fiscal Policy Coordination and Competition," Papers 3-91, Tel Aviv - the Sackler Institute of Economic Studies.
    7. Olson, Mancur, Jr, 1969. "The Principle of "Fiscal Equivalence": The Division of Responsibilities among Different Levels of Government," American Economic Review, American Economic Association, vol. 59(2), pages 479-487, May.
    8. Klepper, Gernot, 1990. "Entry into the market for large transport aircraft," European Economic Review, Elsevier, vol. 34(4), pages 775-798, June.
    9. Oates, Wallace E. & Schwab, Robert M., 1988. "Economic competition among jurisdictions: efficiency enhancing or distortion inducing?," Journal of Public Economics, Elsevier, vol. 35(3), pages 333-354, April.
    10. Herbert Giersch, 1989. "Anmerkungen zum weltwirtschaftlichen denkansatz," Review of World Economics (Weltwirtschaftliches Archiv), Springer;Institut für Weltwirtschaft (Kiel Institute for the World Economy), vol. 125(1), pages 1-16, March.
    11. Soltwedel, Rüdiger, 1987. "Wettbewerb zwischen Regionen statt zentral koordinierter Regionalpolitik," Open Access Publications from Kiel Institute for the World Economy 1338, Kiel Institute for the World Economy (IfW).
    12. Assaf Razin & Efraim Sadka, 1991. "International Fiscal Policy Coordination and Competition: An Exposition," NBER Working Papers 3779, National Bureau of Economic Research, Inc.
    13. Tobey, James A, 1990. "The Effects of Domestic Environmental Policies on Patterns of World Trade: An Empirical Test," Kyklos, Wiley Blackwell, vol. 43(2), pages 191-209.
    14. Siebert, Horst & Koop, Michael J., 1990. "Institutional competition: a concept for Europe?," Kiel Working Papers 440, Kiel Institute for the World Economy (IfW).
    15. Sinn, Stefan, 1990. "The taming of Leviathan: Competition among governments," Kiel Working Papers 433, Kiel Institute for the World Economy (IfW).
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    Cited by:

    1. Miroslav N. Jovanovic, 2011. "Globalisation: An Anatomy," Chapters,in: International Handbook on the Economics of Integration, Volume I, chapter 11 Edward Elgar Publishing.
    2. Miroslav N. Jovanović, 2015. "The Economics of International Integration, Second Edition," Books, Edward Elgar Publishing, number 15166.

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