A system and method for providing quality of service (QoS) for clients running on host computers to access a common resource uses a resource pool module and a local scheduler in at least one of the host computers. The resource pool module operates to compute an entitlement of each client for the common resource based on a current capacity for the common resource and demands of the clients for the common resource. In addition, the resource pool module operates to assign a portion of the computed current capacity for the common resource to a particular host computer using the computed entitlement of each client running on the particular host computer. The local scheduler operates to allocate the portion of the computed current capacity among the clients running on the particular host computer.