Yaroslav Lissovolik, Mark Uzan “The New Global Governance: Towards a More Sustainable Framework”. Valdai Discussion Club Paper #88, June 2018, p 1-18.

03 July 2018

Global governance, which has encouraged world economic growth and development, is under transformation, shifting towards multipolarity. The US-led Bretton Woods order is giving way to a new configuration of global power, new coalitions of states, new governance, and new institutions. This process has largely been triggered by the US retreat from global duties. But who could be the new guardian of globalization?

The way out might be multilateral platforms of cooperation, like BRICS+ or SCO+, based on integration and cooperation between regional blocks, development banks, sovereign wealth funds etc. Such a globalization model may harbour the advantage of being more sustainable and inclusive compared with the ‘core–periphery’ paradigm.

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