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The Western hegemony of the past 200 years is ending as power shifts towards the East and as Western states lose the authority to uphold a rules-based multilateral order. In the wake of the Great Crash of 2008 the G20 leaders took steps to bolster the multilateral order, including reform of the governance of the International Monetary Fund (IMF) and the World Bank so as to reflect the increasing economic weight of developing countries. The executive boards of both organizations affirmed that the primary criterion for allocating voting shares should be shares of world GDP. We show that the reforms at the IMF and the World Bank have substantially failed to meet their ostensible objectives. First, in both organizations the developed countries gained voting share relative to GDP share between 2009 and 2014. Second, countries continue to vary widely in their share of votes relative to share of world GDP; in both organizations some countries have six times or more the votes relative to GDP of others. Politicians and analysts should give attention to achieving more equitable governance in these important multilateral organizations. At the end of this article we show how this could be done. Policy Implications• To strengthen the multilateral order the Bretton Woods organizations should make a more determined effort than hitherto to adapt their governance structures to changes in the relative economic importance of countries.

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World Development is a multidisciplinary monthly journal of development studies. It seeks to explore ways of improving standards of living, and the human condition generally, by examining potential solutions to problems such as: poverty, unemployment, malnutrition, disease, lack of shelter, environmental degradation, inadequate scientific and technological resources, trade and payments imbalances, international debt, gender and ethnic discrimination, militarism and civil conflict, and lack of popular participation in economic and political life. Contributions offer constructive ideas and analysis, and highlight the lessons to be learned from the experiences of different nations, societies, and economies. World Development recognizes 'development' as a process of change involving nations, economies, political alliances, institutions, groups, and individuals. Development processes occur in different ways and at all levels: inside the family, the firm and the farm; locally, provincially, nationally, and globally. Our goal is to learn from one another, regardless of nation, culture, income, academic discipline, profession or ideology. We hope to set a modest example of enduring global cooperation through maintaining an international dialogue and dismantling barriers to communication. Benefits to authors We also provide many author benefits, such as free PDFs, a liberal copyright policy, special discounts on Elsevier publications and much more. Please click here for more information on our author services. Please see our Guide for Authors for information on article submission. If you require any further information or help, please visit our Support Center Authors are also welcome to submit to the journal?s companion title, World Development Perspectives. AUDIENCE. Development practitioners, scholars and researchers in the field of development studies, including those in such disciplines as economics, political science, sociology, geography, anthropology, engineering and science policy, management and administration, agronomy, urban and regional planning, medicine and health care.