Rethinking Global Governance

Abstract

Some general principles that should govern the design of global governance are outlined, and their justifications are provided. The next section discusses the reasons—both positive and normative—for the minimal conception of global governance. In the remaining sections, implications of these ideas are drawn from a variety of arenas—intellectual property rights, trade, financial flows, monetary policy, investment agreements, and management of debt. Principles help examine the possibility of good agreements (green-lighted), areas where agreements should be widely circumscribed (red-lighted), and areas where agreements should occur under extreme caution (yellow-lighted).