Publication

The emerging market crises of 1997-99, in Asia, Russia and Brazil have prompted an outpouring of discussion about a new, improved “international financial architecture”. “Architecture” suggests a redesign of institutions and rules. But the governments of the major industrial countries and the staff of the major international financial organizations have narrowly focussed the discussion on the rules and regulation of financial markets themselves. With most centers of power in the world accepting the narrow definition of the G7, the hope rests with non-governmental organizations, trade unions, other civil society groups, and perhaps even the United Nations to force a widening of the debate. Failing that, hope lies in another series of financial crises that threaten material interests sufficiently close to the G7 to force their governments to widen the agenda for the sake of their own preservation.