International Monetary Transformation is Essential for the Future of international development!
It is TTRIMS Time!

International Institute for Monetary Transformation Logo
International Institute for Monetary Transformation Logo

Monetary Transformation is Essential for the Future! It is Ttrims Time!

The Global Governance Challenge

Global Governance

INTRODUCTION TO GLOBAL GOVERNANCE

11/3/23

Each nation is challenged to govern by keeping “factions” under control according to James Madison, the foundational thinker and actor inthe case of the US polity. Chapter 6 in David Orr’s “Dangerous Years: Climate Change, the Long Emergency, and the Way Forward” shows how he managed notwithstanding the half dozen shortcomings of the US Constitution.[1]

Global governance amplifies this challenge more than 195times because 195+ nations are engaged in this challenge which is even larger on account of all the possible combinations of governments, business, and civil society. One of the best descriptions of the governance challenge is presented in the article by British journalist George Monbiot who wrote:
paper style earth globe
“States now operate at the behest of others. Deregulation, privatisation, the shrinking of the scope, scale and spending of the state: these are now seen as the only legitimate policies. The corporations and billionaires to whom governments defer will have it no other way.

“Just as taxation tends to redistribute wealth, regulation tends to redistribute power. A democratic state controls and contains powerful interests on behalf of the powerless. This is why billionaires and corporations hate regulation, and – through their newspapers, thinktanks and astroturf campaigns – mobilise people against it.”

He concludes: “When governments pretend, they no longer need to govern, when they pretend that a world regulated by bankers, corporations and the profit motive is a better world than one regulated by voters and their representatives, nothing is safe. All systems of government are flawed. But few are as flawed as those controlled by private money.”[2]

An essential element in governments to be able to do their global governance work is the engagement of thoughtful and concerned citizens in the four subsystems of the world economy. The Global 32 Initiative was designed for an ever-widening circle of public participation in discussing, debating, and deciding on reformist measures and international transformational policies in the monetary, financial, fiscal, and commercial fields. A short description of this public engagement process is presented at Global 32 Initiative -Transforming Money (transformmoney.org)

[1] Yale University Press, 2017

[2] This faith in the markets is misplaced: only governments can save our living planet| George Monbiot | The Guardian