Question: A final reason for misperception about global economic governance is exaggerated nostalgia for prior eras of global economic governance. The presumption in much of the

"A final reason for misperception about global economic governance is exaggerated nostalgia for prior eras of global economic governance. The presumption in much of the commentary on the current global political economy is that both governance structures and hegemonic leadership were better and stronger in the past. Much os this commentary evokes the era of the 1940s, when the creation of the Bretton Woods institutions, backstopped by the United States, ushered in a new era of global governance. The contrast between US leadership then and now seems stark" Elaborate this statement?

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