engleski

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

Crisis-driven reforms are altering the paradigm underpinning global financial governance (GFG). They are adapting it in such a way as to accommodate a broader range of interests in decision-making, and by involving more stakeholders in its institutional framework, with the aim of strengthening governance 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. Henceforth, a sustainable update of the governance arrangements in view of enhanced accountability, should primarily address the core of the system –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) in this paper we: 1) discuss ethical ambiguities affecting the GFG nowadays, 2) analyse recent developments in GFG, particularly from the perspective of broader participation and improved legitimacy.

global financial system; accountability; governance; philosophy

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