Money Talks: The Influence of Economic Crisis on Global Governance

Abstract

The economic crisis has had an influence on all aspects of life, from economic to social life, from national security to
governance, and from politics to sports. The consequences of the economic crisis of 2008 could shape the future of global
governance. Also, the appearance of new players in influencing and restructuring the global political system, such as private and
state-owned Transnational Corporations (TNCs), makes us rethink the ways in which we need to approach human development
issues such as fighting corruption, supporting human rights and higher living standards, and maintaining good governance
practices worldwide. Thus, this article addresses the influence of the economic crisis of 2008 on formal and informal governance.
The focus of this article is addressing the increasing of economic and political power of TNCs, especially state-owned TNCs, and
their influence on the global political system. The conclusion reached is that International Organizations (IOs), civil society
organizations, people, and even TNCs need to work together to reorganize the political scene with new international agreements
and IOs, because institutions and international agreements that initiated after WWII are not working affectively anymore.