Introduction -- Financial globalization and the international financial architecture -- The evolution of the global financial order -- The breakdown of the Bretton Woods system and first reform of the international financial architecture -- Emerging market financial crises and the second reform of the international financial architecture -- The challenge for developing countries in a world of financial globalization -- Financial globalization and the onset of the global financial crisis of 2008-9 -- The role of the international financial architecture in crisis prevention and crisis management -- The third reform of the international financial architecture -- Conclusion.