ATS2624 Chapter Notes - Chapter Prescribed: Global Governance, Culture24, Human Security
25 May 2018
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Global Governance – Readings – Week 11 – GFC
- policy failure - failure of corporate governance, failure of financial risk models,
failure of monetary policy - 19
- global financial crisis and its fallout speak to broader problems of the
contemporary world order - 19
- recent financial crisis only a symptom of more general problems of global
governance - 19
- these deficiencies are present not just in the system of global financial
governance but also in the domains of security and global environmental
governance - 19
- societies are becoming more interconnected and interdependent - as a result -
developments at the local level, whether economic, political or social can acquire
almost instantaneous global consequences - 20
- global interconnectedness means that emerging risks or policy failures
generated in one part of the world can travel quickly across the world to affect
people who were not involved in their generation - 20
- the problem solving capacity of the existing system of global institutions in
many areas is not effective, accountable or fast enough to resolve current global
dilemmas. - 20 - 21
- contemporary global governance is pervaded by a variety of different
international organisations and actors - web of multilateral agreements,
institutions, regimes and transgovernmental policy networks - intervening in
and regulating many aspects of national and transnational life - 21
- this evolving system is far from coherent and complete - lacking ultimate legal
authority and a means to uphold international law - 21
- with the un at its institutional core - it comprises a vast range of formal supra
state bodies and regional organisations as well as regimes and transnational
polijicy networks embracing government officiants, technocrats, corporate
representatives, pressure groups and nongovernmental organisations - 21
- international organisations play an increasingly important role in the
governance of the global economy by setting standards, facilitating
communication, enforcing rules, providing financial assistance and coordinating
policy responses - 21
- despite the existence of such a complex system of global governance, global
public goods, such as financial stability are undersupplied and global bad such as
environmental degradation build up and continue to threaten livelihoods - 21
- root of the problem is a problem of governance - 21 -
- difficulties faces by these organisation and agencies - geopolitical resistance
and the tension between state sovereignty and the universal values but into
them from their beginning - 22
- international agreements often serve to entrench the international power
structure, with this institutional inertia acting to undermine effectiveness in
addressing global issues - 22------------
- elements of international law do establish principles for justice beyond borders
- however the reach of contemporary international and regional law rarely
comes with a commitment to establish institutions with the resources and
authority to make declared universal rules, values and objectives effective - 22
- susceptibility of the UN to the agendas of the most powerful states,
underfunding of its organisations, the continued dependency of its programs on
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Document Summary
Global governance readings week 11 gfc. Policy failure - failure of corporate governance, failure of financial risk models, failure of monetary policy - 19. Global financial crisis and its fallout speak to broader problems of the contemporary world order - 19. Recent financial crisis only a symptom of more general problems of global governance - 19. These deficiencies are present not just in the system of global financial governance but also in the domains of security and global environmental governance - 19. Societies are becoming more interconnected and interdependent - as a result - developments at the local level, whether economic, political or social can acquire almost instantaneous global consequences - 20. Global interconnectedness means that emerging risks or policy failures generated in one part of the world can travel quickly across the world to affect people who were not involved in their generation - 20.
