International Finance Governance Undemocratic Jomo Kwame Sundaram

Why is it so difficult to achieve meaningful coordination when everybody agrees that it is desirable, if not necessary? President Richard Nixon's withdrawal of the US from and hence termination of the Bretton Woods system in 1971 confirmed the end of the post-war Golden Age. This led to slower growth, greater volatility, more instability, and reduced progress in raising economic welfare, among other consequences. Multilateral governance compromised The Bretton Woods institutions (BWIs) -- World Bank and International Monetary Fund (IMF) -- were initially conceived as part of a post-war system of multilateral governance to ensure the conditions for peace, growth,…