Global Governance and Turkey’s Position in the Post-Global Crisis Period

Following the most recent global crisis, the necessity for a new structuring in which developing countries more actively participate in the processes of global governance has become a current issue. The aim of this paper is to offer answers to the question that how should be a governance model in which China, Turkey, Brazil, India and other G-20 countries are more active decision-makers, instead of an international monetary system dominated by the USA. Firstly, the cause of the crisis, that is, the fact that USD relatively ceased to be the reserve money will be analyzed. Secondly, the process of transformation in the IMF administration in a way to allow G-20 countries a more active participation will be addressed. Finally, Turkey’s role in the restructuration of the global financial system -a process which had stemmed from the emergence of global governance through the integration of capital markets and excessive deregulation- will be analyzed, and policy recommendations for better global governance will be discussed.