As the current financial crisis deepens, policymakers are focused on responding to the immediate impact of the crisis. However, there is also a strong interest in prevention, so that future crises can be better contained and managed. Here, economic considerations about tools and mechanisms are inevitably tied to political institutions, and the shifting nature of global interdependence and power-effective reform is not a merely technical exercise. This brief outlines the importance of understanding the diverging understandings of the crisis and their likely influence on options for reshaping global economic governance.
IDS In Focus Policy Briefing 7.9, Institute of Development Studies at the University of Sussex Brighton, UK, 2 pp.