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Development Cooperation in Times of Crisis$
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José Antonio Ocampo and José Antonio Alonso

Print publication date: 2012

Print ISBN-13: 9780231159661

Published to Columbia Scholarship Online: November 2015

DOI: 10.7312/columbia/9780231159661.001.0001

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Introduction

Introduction

Chapter:
(p.1) Chapter 1 Introduction
Source:
Development Cooperation in Times of Crisis
Author(s):

José Antonio Alonso

José Antonio Ocampo

Publisher:
Columbia University Press
DOI:10.7312/columbia/9780231159661.003.0001

This introductory chapter details some financial measures implemented in the aftermath of the 2008 financial crisis—considered a turning point in the global economy, one that called for reforms in its governance and aid mechanisms. Two particular issues arise from this globalization process: the imbalance between the existence of high levels of sophistication and interdependence of markets and the limited ability of the international system to generate coordination mechanisms capable of governing those interdependencies, and the imbalance between the distribution of the benefits of globalization and the assumption of responsibilities in relation to its costs. The first imbalance shows that globalization has been accompanied by a process of increased risk. The second imbalance means that parts of the world's population feel excluded from the benefits of globalization, and that the current institutions and coordinating organizations are seen as lacking legitimacy, a perception that affects the governance of the international system.

Keywords:   2008 financial crisis, reforms, international system, globalization, coordination mechanisms

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