The current juncture of international relations is characterized by a noisy pluralism, underpinned by the progressive integration of economies and societies. One of the major benefits of globalization is that many former developing countries have succeeded in achieving economic growth and aspire to play a more important role in international negotiations. The so-called emerging market countries have become increasingly involved in the exchange of goods and capital and stand to benefit handsomely from the transfer of knowledge, information, and technologies. However, economic success has not gone hand in hand with eradication of poverty. Much of the extant literature suggests an increase in income inequality, both within as well as across emerging markets. Furthermore, globalization and capital mobility make the international system more vulnerable to changes in investor sentiment and confidence. On several occasions contagion effects have spread from one country or market to others. Thus, it is increasingly being acknowledged by epistemic and policy communities that there is a need to make globalization a more equitable and sustainable process. National policy responses and state stewardship in emerging market and developing countries generally are called for, including investment in education and training, the adoption of core labor standards, the provision and improvement of social protection, and tackling rising national inequality. Secondly, increased international cooperation has been considered key in addressing the lack of congruence between globalized markets and national policy requirements. It is from this interface that debates about reconstituting global economic governance have taken place. Emerging markets countries have played a major role in this process. Countries as diverse as China, South Africa, India, and Brazil have recently emerged as evangelists for a more just and equitable global order which is less subject to the whims of developed countries and based more on international compromise and democratic decision-making. In the WTO negotiations, developing countries wanted to see an unambiguous normative shift from promoting liberalization to fostering development in trade negotiations. This was the signal success of the launch of the Doha development round in 2001. At Cancun, the advent of an emerging market –developing country coalition in the form of the G-20+ showed that irrevocable changes have taken place in trade diplomacy such that developed countries could no longer set the terms and conditions of negotiations. With regard to the IMF and the World Bank, emerging market countries are striving for a new financial architecture to ensure the provision of global public goods and to forestall the asymmetric effects of market failure. Reform proposals, among others, include better representation of developing countries on the executive boards of the Bank and the Fund; improving approaches to sovereign debt restructuring; putting in place appropriate exchange rate regimes and capital controls; and giving the advisory group of developing countries, the G-24, a more prominent role. In the social realm, the challenge for emerging market economies is to declare a war against poverty which will require the same political commitment as the war against global terrorism. They can use their multiple comparative advantages to make a difference to the living standards of the poorest citizens of the world.