Kiel Working Papers, Kiel Institute for World Economics
No 1460:
Global Governance: Old and New Issues
Gary Clyde Hufbauer
Abstract: This paper opens with a short recollection of the Kiel
Week Conference of 2002, recorded in a volume edited by Horst Siebert,
titled Global Governance: An Architecture for the World Economy.
Assess-ments and forecasts made at that time are scored against subsequent
developments. Security relations between the great powers are asserted to
define the space for global economic governance. Over the next thirty
years, the security context is not likely to provide the same inspiration
for global economic institutions as the Cold War once did; instead,
economic institutions will stand or fall on their own merits in meeting
urgent challenges. The paper identifies and evaluates six challenges that
are already with us, but which do not impose immediate acute costs on the
great powers: climate change, financial crises, the world trading system,
oil supplies, immigration, and economic responses to political chaos. A few
of these, but not the majority, are seen as good candidates for global
governance in the next decade. The paper concludes with speculation on four
very low probability challenges that would im-pose acute costs (or present
great opportunities) if they occur: pandemics, terrorism on the high seas,
treasures from the deep seabed, and the prospect of a killer asteroid
Keywords: climate change, financial crises, the world trading system, oil supplies, immigration; (follow links to similar papers)
JEL-Codes: Q54,; F36,; F13,; Q41,; F22; (follow links to similar papers)
17 pages, October 2008
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