Developing Economies and Global Governance: Will IMF Rethink Its Orthodox View?

It has been constantly viewed that the developed economies unevenly ruled the governance structures in the international organizations such as International Monetary Fund (MF). The continuous development in Emerging and Developing Economies (EDEs) over the last 20 years witnessed their growing importance in the world economy, but at the same time little increase in their voice in the IMF. There are reasons for the discontent of the EDEs in the present structure such as the increase of regional monetary arrangements, uneven distribution of quota shares, IMF quota reforms, and IMF voting structure. The world economy is witnessing a tremendous growth of these EDEs and is now at the verge where Asian economies are capable of leading, rather than the North Atlantic economies. This issue should be acknowledged properly and must be responded adequately. This paper makes an attempt to understand the prime issues that should be fixed in the current quotas system and voting structure in the IMF