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The Quest for SecurityProtection Without Protectionism and the Challenge of Global Governance$
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Joseph Stiglitz and Mary Kaldor

Print publication date: 2013

Print ISBN-13: 9780231156868

Published to Columbia Scholarship Online: November 2015

DOI: 10.7312/columbia/9780231156868.001.0001

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Transforming Global Governance? Structural Deficits and Recent Developments in Security and Finance*

Transforming Global Governance? Structural Deficits and Recent Developments in Security and Finance*

Chapter:
(p.355) 15 Transforming Global Governance? Structural Deficits and Recent Developments in Security and Finance*
Source:
The Quest for Security
Author(s):

David Held

Kevin Young

Publisher:
Columbia University Press
DOI:10.7312/columbia/9780231156868.003.0015

One of the most profound similarities between the domains of security and finance is in the inadequacies of their respective global governance arrangements. Scholarly critiques of these inadequacies tend to focus on the content of policy decisions—for example, on the predominance of unilateralism in security and neoliberal deregulation in the financial domain. This chapter argues that the global governance deficiencies run deeper than any particular content or policy bias. It begins by outlining some of the basic properties of contemporary global governance, briefly describing some central problems therein. It argues that in the policy domains of finance and security, there exist remarkable similarities both in the way in which these domains underscore human interdependence under conditions of globalization, and in the ways in which the governance of these domains remain inadequate to manage contemporary global risks. It then outlines the manifestations of the capacity problem in the governance of finance and security, respectively. The chapter concludes with a brief discussion of the argument outlined in previous sections, and tentatively sets out pathways beyond the current deficits in global governance.

Keywords:   global governance, security, finance, governance deficit, globalization

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