SUMMARY Increased interdependence makes global economic governance more important than ever. New objectives, including the elimination of poverty and supporting the environment, require new forms of global governance, while the earlier emphasis on high employment needs reintroducing. Reforms to meet the needs of the twenty‐first century include macroeconomic coordination, environmental monitoring and control and the development and enforcement of a World Social Charter. An essential prerequisite is bringing the international financial system under more systematic and comprehensive political control, by forming an Economic and Social Security Council which would take overall responsibility for the direction of global economic governance.