The current institutional framework for economic co-operation was designed in the 1940s, in the context of war, to promote the peaceful coexistence of nations. Many of the institutions, such as the International Monetary Fund and the International Bank for Reconstruction and Development, have served the international community well over the years. However, changes in the quantity and quality of capital flows, and, in particular, criticism of the manner in which these institutions handled the East Asian and Russian financial crises, have triggered a debate about the need for reform of the...