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In this chapter, we argue that, in current times, providing for global public goods is a delusional task since there is no incentive for the putative providers to step in. We take the case of Multilateralism in the international monetary system and the role of players such as the USA and China. Multilateralism has been presented as one of the most significant global public goods since the end of World War II and the building up of the Bretton Woods regime. However, the multilateral framework results from a consensus on the US hegemony reproduced in the constitution and decision-making process of the international organizations created to underpin the setup of global political and economic relations. The commitment of the Bretton Woods agreement was paramount: to put in place a rules-based regime that would provide the proper conditions to reorganize international economic and political relations. However, the world has profoundly changed: those representations no longer match the current equilibrium among great powers. In this context and using the global public good of monetary and financial stability, we discuss the divergent interests and policy orientations of leading players and the consequences of (not)providing Multilateralism as one of the most critical global public goods.

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Revisiting Multilateralism in the (Dis) Order of the World on the Twenty-First Century: Global Public Goods and the International Monetary System

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  • 发表日期：

    2025年

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  • Carla Guapo Costa

摘要

In this chapter, we argue that, in current times, providing for global public goods is a delusional task since there is no incentive for the putative providers to step in. We take the case of Multilateralism in the international monetary system and the role of players such as the USA and China. Multilateralism has been presented as one of the most significant global public goods since the end of World War II and the building up of the Bretton Woods regime. However, the multilateral framework results from a consensus on the US hegemony reproduced in the constitution and decision-making process of the international organizations created to underpin the setup of global political and economic relations. The commitment of the Bretton Woods agreement was paramount: to put in place a rules-based regime that would provide the proper conditions to reorganize international economic and political relations. However, the world has profoundly changed: those representations no longer match the current equilibrium among great powers. In this context and using the global public good of monetary and financial stability, we discuss the divergent interests and policy orientations of leading players and the consequences of (not)providing Multilateralism as one of the most critical global public goods.