The United Nations Economic and Social Council (ECOSOC) recently marked its 80th anniversary, a milestone prompting reflection on the state of multilateralism and its capacity to address increasingly complex global challenges. While the original mission – to rectify economic and social problems – remains profoundly relevant, the institution faces significant headwinds, including dwindling resources and eroding trust.
Speaking at the anniversary celebration, a facilitator described the current situation as akin to a large cargo tanker attempting a new course through choppy waters. This analogy, as noted by one observer, is apt. The vessel, designed decades ago, is showing its age, with reduced funding exacerbating structural weaknesses. Perhaps more critically, the level of trust among the “193 sailors” – member states – is insufficient for navigating the turbulent conditions ahead.
Despite these challenges, the argument is being made that strengthening and modernizing these multilateral institutions is paramount. The alternative, some fear, is ceding decision-making power to a smaller, wealthier elite – “billionaires cruising in their super yachts or networking at alpine ski resorts.” This sentiment underscores a growing concern that global economic governance is becoming increasingly detached from the needs of the broader population.
A central focus of ECOSOC’s work remains the Sustainable Development Goals (SDGs), a framework for an economy that prioritizes people and the planet. Achieving these goals, however, requires a fundamental “reset of our economic fundamentals around growth, equity and human flourishing.” The prevailing assumptions underpinning global economic policy are increasingly being questioned.
The traditional focus on economic growth, for example, is under scrutiny. Kenneth Boulding’s observation that “anyone who believes that exponential growth can go on forever in a finite world is either a madman or an economist” resonates strongly. Current growth models, We see argued, are failing to deliver broad-based benefits and are contributing to environmental degradation. Prioritizing growth above all else is shifting power away from the collective good and towards the interests of financial markets and investors, hindering meaningful action on climate change.
The reliance on equity markets is also facing criticism. The disproportionate wealth accumulation witnessed in recent years – global billionaire wealth grew three times faster in than in the preceding five years, with the world’s 12 richest individuals holding more wealth than the poorest 4 billion people – is not viewed as a benign development. This widening wealth gap is demonstrably detrimental to economies, societies, democracies and the environment, and is seen as a potential driver of societal collapse within the next decade.
Addressing this inequality requires international cooperation to curb extreme wealth accumulation through common tax rules and potentially establishing limits on wealth concentration. The current obsession with using Gross Domestic Product (GDP) as the primary measure of economic progress is also being challenged, as it fails to capture the nuances of genuine human flourishing and wellbeing. Many factors that contribute to poor wellbeing are embedded within an economic system designed to benefit the wealthy.
This critique aligns with the work of the UN Secretary-General’s High-Level Expert Group on Beyond GDP, which seeks to develop more comprehensive measures of economic progress. Forty years ago, the founders of the New Economics Foundation argued that challenging conventional growth economics was once considered heretical, but now represents a necessity. The orthodoxies surrounding endless growth, extraction, and a narrow economic view of human wellbeing must be re-evaluated.
The Agenda provides a roadmap for a more sustainable and equitable future, and institutions like ECOSOC offer mechanisms for agreeing on how to deliver on the SDGs, measure progress, and hold each other accountable. However, achieving systemic change in these turbulent times remains a significant challenge. Strengthening the multilateral system is crucial to ensure it is fit for purpose and truly inclusive.
The need for effective multilateralism is underscored by the current geopolitical and economic landscape. As highlighted by UNCTAD Secretary-General Rebeca Grynspan, the world is facing a “deficit of both trust and hope.” The upcoming UN Summit of the Future, scheduled for , represents a “once-in-a-generation opportunity” to enhance cooperation and strengthen global governance. A key focus of the summit will be addressing structural weaknesses in the international financial system, particularly those affecting developing nations.
Multilateralism is seen as essential for creating a rules-based international system where all countries, regardless of size or power, have a voice. Without it, smaller nations risk exploitation and exclusion. Updating financing models for digital infrastructure, as noted by Brookings, is becoming increasingly important in a rapidly evolving technological landscape.
The core message is clear: while the multilateral system faces significant challenges, it remains the best hope for addressing global problems and building a more sustainable and equitable future. Reinvigorating and revitalizing the United Nations system is essential to unlock a new economic order that serves people and the planet, rather than leaving critical decisions to a privileged few.
