Global economic governance needs to better reflect weight of Global South
2026-02-02 09:23 环球时报网英文版
Today, we have agencies that monitor world peace, negotiate trade rules, or coordinate development, yet no single institution can claim the legitimate authority to defend global interests as a whole. When responsibility is diffuse, accountability becomes diluted. The result is a crowded landscape of actors who are sometimes coordinated, but often working at cross-purposes.
Kishore Mahbubani, a seasoned Singaporean diplomat and prolific writer, provides a compelling analogy. In the past, the world could be imagined as more than 100 separate boats - each with its own captain, each navigating its own waters. Today, humanity lives not in separate vessels but in different cabins on a single large boat. Each cabin has its own captain, but no one is responsible for steering the ship. A captain focused only on one cabin cannot protect its passengers from storms that affect the entire boat. The contradiction between national interests and global interests becomes painfully clear.
This metaphor resonates deeply in the Global South, where communities often bear the brunt of global crises they did not create - whether it is rising sea levels, uneven financial shocks, or inequitable access to energy, water, and digital connectivity.
Another major challenge is representation and legitimacy. Many people, particularly in Asia, Africa, and Latin America, do not see their voices reflected in key global institutions that shape economic rules, lending conditions, and development priorities. Power imbalances are not always acknowledged, even though recognizing them is essential to designing institutions that are legitimate and effective.




