From a Centralized to a Decentralized Global Economic Architecture: An Overview

This paper argues that calls for a New Bretton Woods system in the aftermath of the global economic crisis — similar to the remarkable 1944 Bretton Woods conference that led to the establishment of various international economic institutions — are unlikely to be answered. The likely scenario is that the centralized architecture from before the global economic crisis will evolve toward a more decentralized and multilayered global architecture where regional institutions are linked together to a “senior” global organization in a complementary manner by rules and regulations. The paper also highlights the new regional institutions that Asia needs to establish to contribute to this evolving global economic architecture.