The most important institutions – the United Nations Security Council, the World Bank, and the International Monetary Fund – remain dominated by the European and American victors of World War II, countries that represent an increasingly small minority of the world’s population and a shrinking share of its economic output. The failure to reflect the changing balance of global power brought about by the rise of China, Brazil, South Africa, and other emerging countries undermines both the effectiveness and the legitimacy of today’s international system, particularly in the eyes of those who feel denied of proper recognition.