engleski

Making Governance of Global Finance More Accountable: Insights from Political Philosophy and Economy

The 2007-08 worldwide financial crisis has led scholars, experts and policymakers to question and reconsider the current design of the global financial system (GFS) and its governance. The majority of them agree that one of the most pressing problems with respect to global financial governance is accountability. Accountability implies the participation in, or surveillance over, global policymaking. Global policymaking falls within the domain of those international institutions and organizations whose decisions shape global finance. Currently, from the public’s perspective, none of them are worth of a high vote of confidence. In fact, during the acute phase of the crisis many of the protestors in the Western part of the world pointed to some of the main stakeholders of global finance (such as the IMF) as main culprits of global inequality. A sustainable update of the governance arrangements in view of increased accountability, should primarily address the core of the system – meaning its policymakers, or the institutions and organizations whose decisions shape global finance. By engaging in a qualitative, descriptive analysis of relevant scholarship (with a focus on political philosophy and political economy) as well as policy papers and other official texts, in this paper we: 1) discuss ethical ambiguities affecting the GFS nowadays, 2) analyse recent developments in GFS’ governance in response to these ambiguities, especially from the perspective of greater participation and accountability.

glglobal financial system; accountability; governance; philosophy

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