Globalization and the Reform of the International Financial and Monetary Systems

The outbreak of the global financial crisis has called into question U.S.-style"financial capitalism."Protectionism,currency multilateralism,decentralization of financial decision-making power and the nationalism of resources are gaining ground.The emerging economies are on the rise.The world power order is becoming multi-polar.Relations between countries are growing more diverse.The global governance model is undergoing fundamental changes.Global govemance mechanisms,which are more representative and reflective of the diverse interests(such as the G20 and the UN climate change conference),along with a reform of the international monetary system,will also help shape the future world order.