Since the Millennium Development Goals were agreed in 2000, many developing countries have made great strides. The world was on track to achieve at least the first Millennium Goal of halving the number of extreme poor, and it was coming close to reaching several other objectives as well. But the present crisis is wiping out that hard fought progress. Poor countries’ access to credit has been reduced, resulting in slower investment and growth; already pitiful overseas development assistance (ODA) levels are falling; and Africa might be robbed of its one chance in a generation to make real progress. In the meantime, the world lacks an effective system of global governance. The three deficits in the system I elaborate below have hampered the structure in the past, but they are especially crippling in the present situation.

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