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This book analyzes the Group of Twenty (G20) since the 2008 financial crisis. The latter event undermined conventional wisdom and governance norms, constituting a more contested international economic regime. G20 leaders sought a cooperative response to the 2008 crisis through the forum, aware of their interdependence and the growing economic importance of key developing states. They agreed new norms of financial governance based on macroprudential regulation, the Basel III Accords, and enhanced multilateral cooperation. They prioritized G20 cooperation for achieving international economic stability and growth. Differences exist over causes and effects of the crisis, including on the merits of economic austerity or fiscal stimulus strategies; on responsibility for and solutions to international economic imbalances; and concerns about monetary policies and “currency wars”. Despite claims from skeptics that G20 cooperation is declining, this book argues its importance for international relations and as a hub of global governance networks.
Political philosophy. Social philosophy --- International relations. Foreign policy --- Politics --- Economics --- International law --- politieke wetenschappen --- economie --- politiek --- globalisering --- internationale organisaties --- International organization. --- Globalization. --- Political economy. --- International Organization. --- International Political Economy. --- Group of Twenty. --- Global Financial Crisis (2008-2009) --- 2008-2009 --- Economics.
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This book analyzes the shifting global economic architecture, indicating the decentralizing authority in global economic governance since the Cold War and, especially, following the 2008-09 global financial crisis. The author examines recent adjustments to the organizational framework, contestation of policy principles, norms, and practices, and destabilizing actor hierarchies, particularly in global macroeconomic, trade, and development governance. The study's ‘analytical eclecticism’ includes a core constructivist IR approach, but also incorporates insights from several international relations theories as well as political and economic theory. The book develops a unique ‘analytical matrix’, which analyzes effects of strategic, political, and cognitive authority in the organizational, policy, and actor contexts of the global economic architecture. It concludes that, despite concerns about potential fragmentation, decentralizing authority has increased the integration of leading developing states and new actors in contemporary global economic governance. Jonathan Luckhurst is Associate Professor of International Relations at the Center for North American Studies of the Pacific Studies Department, University of Guadalajara, Mexico.
Political philosophy. Social philosophy --- International relations. Foreign policy --- Politics --- Economic policy and planning (general) --- Foreign trade. International trade --- International economic relations --- Economics --- International law --- Commercial law --- internationale economische politiek --- economie --- economische politiek --- politiek --- wereldeconomie --- internationaal recht --- internationale economie --- globalisering --- internationale organisaties --- Political economy. --- Globalization. --- International economics. --- Economic policy. --- International organization. --- International law. --- Trade. --- International Political Economy. --- International Economics. --- Economic Policy. --- International Organization. --- International Economic Law, Trade Law.
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