Public goods are resources or services that are accessible to everyone without restriction, meaning they cannot be denied or excluded from use by any individual (“nonexcludable”). These goods can be utilised repeatedly by multiple people simultaneously without reducing their availability or the enjoyment they provide to others (“nonrival”). Consequently, public goods offer benefits that can be shared broadly across society without the risk of depletion, ensuring that all individuals can partake in their advantages continuously. 

The classification of public goods can be local, national, or global in scope. 

For example, public fireworks displays serve as a local public good, as anyone within viewing distance can appreciate the spectacle. 

National defence represents a national public good, with benefits enjoyed by the citizens of the state. Global public goods, on the other hand, provide advantages that reach all people worldwide. There is reason to believe that the demand for global public goods is growing. Whether it is trade, capital flows, or migration, the world is far more interconnected now than it was in 1945, when many global institutions such as the United Nations, IMF, World Bank, and World Health Organisation were founded.

The importance of global public goods in our everyday lives becomes more salient with each new crisis. COVID-19 has increased demand for global public health, refugee crises for global peace, and climate change for sustaining the global environment. These crises require a global framework that recognises a shared obligation, clearly delineates each country’s responsibility, and enforces these commitments. For global institutions to foster coordination, they need comprehensive governance structures to ensure that decisions are legitimate and represent all present and future citizens of the world. If the momentum that is building today can be harnessed and mobilised to build this global framework, the provision of global public goods may become a reality.

There is reason to believe that the demand for global public goods is growing. Whether it is trade, capital flows, or migration, the world is far more interconnected now than it was in 1945, when many global institutions such as the United Nations, IMF, World Bank, and World Health Organisation were founded. The importance of global public goods in our everyday lives becomes more salient with each new crisis. COVID-19 has increased demand for global public health, refugee crises for global peace, and climate change for sustaining the global environment.

These crises require a global framework that recognises a shared obligation, clearly delineates each country’s responsibility, and enforces these commitments. For global institutions to foster coordination, they need comprehensive governance structures to ensure that decisions are legitimate and represent all present and future citizens of the world. If the momentum that is building today can be harnessed and mobilised to build this global framework, the provision of global public goods may become a reality goods encompass various aspects of our lives, including our natural environment, cultural heritage, technological advancements, and even everyday utilities like the metric system.

Global public goods share the same fundamental characteristics as local or national public goods. They are classified as nonexcludable and nonrival, meaning that individuals cannot be effectively excluded from their benefits, and one person’s use of the good does not diminish its availability to others. These goods face challenges such as free rider problems, where individuals benefit without contributing, as well as spillover effects that can impact parties beyond the original context. Additionally, the management and provision of global public goods often encounter short time horizons, complicating long-term planning and effectiveness.

Many institutions that provide public goods were not created in isolation; rather, they emerged in response to demand. The International Monetary Fund (IMF) was established following the Great Depression and World War II, as nations recognized the importance of promoting global financial stability.

There is growing evidence that the demand for global public goods is increasing. The world is far more interconnected now than it was in 1945, when many global institutions, such as the United Nations, the International Monetary Fund (IMF), the World Bank, and the World Health Organisation (WHO), were founded. 

The significance of global public goods in our everyday lives becomes more apparent with each new crisis. For example, the COVID-19 pandemic has heightened the demand for global public health, refugee crises emphasise the need for global peace, and climate change underscores the importance of sustaining the global environment.

These challenges necessitate a global framework that acknowledges our shared responsibilities, clearly outlines each country’s obligations, and enforces these commitments. In order for global institutions to facilitate effective coordination, they require comprehensive governance structures that ensure decisions are legitimate and represent the interests of all current and future citizens of the world. If we can harness and mobilise the momentum that exists today, we may be able to establish a framework for the provision of global public goods.