An Opening for Voice in the Global Economic Order : The Global Financial Crisis and Emerging Economies

The global financial crisis of 2008 has ruptured the global economic order. The United States and Europe, the rulers of the order since World War II, have struggled to recover from the crisis. By contrast, most emerging and developing economies rebounded relatively quickly over the past year. The crisis created an opportunity for emerging economies to join the table where global economic policy is decided. This opportunity is about “voice” – i.e., effective and meaningful representation of emerging and developing economies at the table. This Article provides an account of the evolution of developing and emerging economies’ voice, focusing primarily on the IMF. It explains how the global financial crisis of 2008 has finally given “emerging economies” – which did not exist in 1944 – at least an opportunity to acquire what could become a significant voice in international monetary and financial law and policy