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From a Centralized to a Decentralized Global Economic Architecture: An Overview

From a Centralized to a Decentralized Global Economic Architecture: An Overview

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This paper argues that calls for a New Bretton Woods system in the aftermath of the global economic crisis—similar to the remarkable 1944 Bretton Woods conference that led to the establishment of various international economic institutions—are unlikely to be answered. The likely scenario is that the centralized architecture from before the global economic crisis will evolve toward a more decentralized and multilayered global architecture where regional institutions are linked together to a "senior" global organization in a complementary manner by rules and regulations. The paper also highlights the new regional institutions that Asia needs to establish to contribute to this evolving global economic architecture.

This paper argues that calls for a New Bretton Woods system in the aftermath of the global economic crisis—similar to the remarkable 1944 Bretton Woods conference that led to the establishment of various international economic institutions—are unlikely to be answered. The likely scenario is that the centralized architecture from before the global economic crisis will evolve toward a more decentralized and multilayered global architecture where regional institutions are linked together to a "senior" global organization in a complementary manner by rules and regulations. The paper also highlights the new regional institutions that Asia needs to establish to contribute to this evolving global economic architecture.

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Published by: Asian Development Bank Institute on Jan 16, 2013
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09/17/2013

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ADBI Working Paper Series
From a Centralized to aDecentralized Global EconomicArchitecture: An Overview
Pradumna B. RanaNo. 401January 2013
 
Asian Development Bank Institute
 
 The Working Paper series is a continuation of the formerly named Discussion Paper series; thenumbering of the papers continued without interruption or change. ADBI’s working papersreflect initial ideas on a topic and are posted online for discussion. ADBI encourages readers topost their comments on the main page for each working paper (given in the citation below).Some working papers may develop into other forms of publication.Suggested citation:Rana, P.B. 2013. From a Centralized to a Decentralized Global Economic Architecture: AnOverview. ADBI Working Paper 401. Tokyo: Asian Development Bank Institute.Available: http://www.adbi.org/working-paper/2013/01/15/5429.decentralized.global.economic.architecture/ 
 
Please contact the author for information about this paper.Email: prana@ntu.edu.sgPradumna B. Rana is associate professor of International Political Economy at the S.Rajaratnam School of International Studies, Nanyang Technological University inSingapore.Prepared for the ADBI–RSIS Conference on The Evolving Global Architecture: From aCentralized to a Decentralized System, held in Singapore on 26–27 March 2012.The views expressed in this paper are the views of the authors and do not necessarilyreflect the views or policies of ADBI, the Asian Development Bank (ADB), its Board ofDirectors, or the governments they represent. ADBI does not guarantee the accuracy ofthe data included in this paper and accepts no responsibility for any consequences oftheir use. Terminology used may not necessarily be consistent with ADB official terms.Asian Development Bank InstituteKasumigaseki Building 8F3-2-5 Kasumigaseki, Chiyoda-kuTokyo 100-6008, JapanTel: +81-3-3593-5500Fax: +81-3-3593-5571URL: www.adbi.orgE-mail: info@adbi.org © 2013 Asian Development Bank Institute
 
ADBI Working Paper 401 Rana
Abstract
This paper argues that calls for a New Bretton Woods system in the aftermath of the globaleconomic crisis—similar to the remarkable 1944 Bretton Woods conference that led to theestablishment of various international economic institutions—are unlikely to be answered. Thelikely scenario is that the centralized architecture from before the global economic crisis willevolve toward a more decentralized and multilayered global architecture where regionalinstitutions are linked together to a “senior” global organization in a complementary manner byrules and regulations. The paper also highlights the new regional institutions that Asia needs toestablish to contribute to this evolving global economic architecture.
JEL Classification:
F02, F13, F33, F53
 

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