Although the institutions at the core of the global economic architecture have a storied history, they have, of late, fallen short of expectations. The United States and the European Union (EU) have been violating the rules of the World Trade Organisation (WTO) with impunity through their protectionist industrial policies and tariffs, and there is little anybody can do about it because the trade dispute settlement system is broken. The International Monetary Fund (IMF) has treated its rich-country members, or those aligned to them, more favourably than others. The World Bank has been largely missing in action when it comes to fighting climate change – at least according to climate activists, including former US vice-president Al Gore.

At its recent summit in New Delhi, leaders of the Group of 20 (G-20) committed to reforming these institutions, many of whose rules and traditions have hardly changed since their inception. It’s worth considering what achieving this ambitious goal will take.