The G20 and the Restructuring of the International Economic Order: An Egypt Perspective

More than 50 years ago, the world community set about devising the institutional building blocks of an orderly social and economic world, largely in response to crises and problems of the first half of the twentieth century which had witnessed two world wars, the great depression, widespread labour strife, and the rise of fascist movements. The establishment of the United Nations and the Bretton Woods Institutions thus set markers for a model of multilateral governance for world order with the triumphant oligarchy of the second world war at the driving seat of the new world order and its institutional vehicles. However, the pace of globalization in the past decade has had confounding effects on the world and its governing rules and institutions. The rampant restructuring of businesses, the global networking, the rise of international terrorism, the global environment, and problems facing sustainable developed are all pushing issues that surfaced to the world agenda with the advent of the new global civilization.