Contesting Global Governance: Multilateral Economic Institutions and Global Social Movements
International economic institutions are most often studied from the perspective of the governments that created them. But global multilateral institutions -- such as the World Trade Organization (WTO), the International Monetary Fund (IMF), and the World Bank -- are not just tools of leading states but organizations where diverse actors meet and struggle over policy decisions. This empirically rich book attempts to capture that new complex reality. The authors argue that multilateral economic institutions increasingly need to engage well-organized nongovernmental organizations with their own agendas, which in turn transforms the character of global economic governance. Rather than being exclusively state-based, these institutions are gradually becoming models of "complex multilateralism" that practice a decentralized and pluralistic brand of governance. That said, these changes have been incremental and mostly affect decision-making rather than actual policy. Although the book offers more questions than answers, it usefully highlights the unresolved tensions between state-sponsored institutions and growing transnational civic activism.
Related
Since the return of convertibility among the currencies of most major industrial countries at the beginning of 1959, a crisis affecting at least one major currency has threatened each year; the U.S. balance of payments has been in continuous large deficit; and the stability of the convertible gold-dollar and sterling system has been increasingly questioned. With the transition to convertibility proving to be so turbulent, doubts have arisen over the adequacy of liquidity arrangements for the future and calls for a great reform of the international monetary system have quite understandably been intensified.
In international politics, transnational interest groups are gaining clout -- but they lack an institution to represent them. Civil society must make its many voices heard. The global era needs a global parliament.
U.S. trade policy is adrift and under siege. America's traditional commitment to open markets is now buffeted by both left and right, from labor unions and environmentalists to big business and "America First" isolationists. Fortunately, the advent of the World Trade Organization offers Washington a chance to balance the protectionist threat. If the United States cooperates with the WTO to settle trade disputes multilaterally, it can dilute both protectionist pressure at home and anti-American resentment abroad. But robust leadership and commitment will be needed, and neither Congress nor President Clinton seems up to the task.

Sign-up for free weekly updates from ForeignAffairs.com.