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Speaking at a Q&A session in London, Brown said nations should use April's G20 Summit to reform institutions such as the International Monetary Fund and to turn the world economy away from "financial protectionism" and "economic nationalism."
The unique nature of the global financial crisis demanded a move away from "old orthodoxies," he added.
According to the prime minister, the International Monetary Fund (IMF) and the World Bank were not fully equipped to deal with the tasks at hand and they needed to "change their roles fundamentally."
The IMF should develop a more enhanced surveillance function of markets and act more like a central bank while the World Bank should increase its resources and play a greater role in environmental development, he said.
Regarding the financial industry in Britain, Brown said the government would aggressively pursue a "no rewards for failure" policy to sweep aside a short-term bonus culture in British banks.
"I believe, as a society, we should support hard work, effort, enterprise and responsible risk-taking. We should not in any way condone, but should punish irresponsible and excessive risk-taking," said Brown.
"The old short-term bonus culture is gone; that there are no rewards for failure, but penalties for failure; that in the future there must be rewards for success - but long-term sustainable success and not just short-term gains," he added.
On Sunday, Chancellor Alistair Darling announced that the British government had commissioned a review of corporate governance and management practices in British financial institutions.