The system of global governance is under serious challenge. The UN, the G7/8, the IMF and the World Bank are but a handful of the organizations suffering from a crisis of legitimacy for an international system that appears ill-suited for timely, innovative and effective solu-tions to contemporary global challenges. Moreover, it is a system that made sense mainly for the post-Second World War era, but sixty years later seems ill-equipped for bridging the growing political and economic divides between North and South and accommodating the needs of the big, emergent markets. Some scholars and pra