New Bretton Woods: Agenda for Global Economic Reform

Abstract

It is time now to take stock of the foregoing analysis of the crisis to build the base and architecture for the reform of the present structure. From the post-depression, post-Bretton Woods, and post-floating exchange rates regimes, the global economy has traversed into post-globalization, new capitalism phase devoid of ideology of communism. Free markets, free capital, and technology are ruling the global economy. It is the MOT Revolution which is driving the pace of the global economy. So overwhelming has been the influence of the MOT Revolution on the economic parameters and factors, both globally and also within the national economies, that the number of structural changes and policy adaptations is warranted to direct the energy of MOT Revolution for more sustainable growth with least destabilizing potential. The strong forces of globalization have caused a dramatic realignment in economic structure and power among the developed and emerging worlds. The world can never be flat but is getting flatter.