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Coping with the challenges of global economic governance is a topical issue of the current international agenda, and the object of a vivid debate among scholars and policy-makers. The international financial and economic crisis that erupted in 2007 reveals the fallibility of the neoliberal paradigm that has dominated the world economic landscape for the last quarter of a century; regulatory and supervisory institutions have disclosed their weaknesses, and markets have shown their limits in dealing with the rational allocation of risks, and their lack of resilience to shocks. This book offers a comprehensive view of this matter, examining the dialectic and fluid relations between State sovereignty, supranational rules and the role of markets. The opportunity to deal with economic and regulatory challenges through the lens of legitimacy and effectiveness is the fil rouge of the co-authors’ original contributions and the inner-sense of the book. This critical perspective results particularly in investigating gaps and ambiguities of the institutional framework currently underpinning the major international economic organisations (IMF, WTO, G20, EMU), in re-discussing the State’s regulatory role in coping with the challenges of the global economy, and in studying the contradictory interactions between financial paradigms and sustainability with regards to economic development policies.
Can the power of the G20 be legitimate? This book examines the politics surrounding the G20's efforts to act effectively and legitimately and the problems and challenges involved in this activity. Developing a critical constructivist conceptualisation of the G20, the book considers holistically and practically the ways that the G20 develops various forms of power and influence and acts as an apex form of global governance that seeks to be an overall coordinating forum to address global problems. Assessing how debates about the legitimacy of the G20 shaped its operation, Slaughter argues that the G20's power can be legitimate despite a range of considerable challenges and limits. The book also explores what measures the G20 could take to be more legitimate in the future. Offering a direct and accessible consideration of the politics of legitimacy with respect to the G20, this book will be of interest to those attempting to understand and analyse the G20 as well as to scholars of IR theory, global political economy, global policy, diplomacy and globalisation.
Offers steps to bring the G20 into even more relevance in becoming a leading force in the global economy, rivaling even that of the G8. Original.
This important book is an authoritative work of reference on the G20, G8 and G20 reform, and relevant information sources. Peter Hajnal thoroughly traces the origins of the G20, surveys the G20 finance ministers' meetings since 1999 and the series of G20 summits since 2008. He examines agenda-setting and agenda evolution, discusses the question of G20 membership and surveys the components of the G20 system. He goes on to analyze the relationship of the G20 with international governmental organizations, the business sector, and civil society and looks at the current relationship between the G8 and the G20. He also discusses how G20 performance can be monitored and evaluated. The book includes an extensive bibliography on the G20, G8/G20 reform, and issues of concern to the G20. The book is a companion volume to The G8 System and the G20: Evolution, Role and Documentation (Hajnal, 2007) and is an essential source for all scholars and students of the G20.
The global community confronts a comprehensive and interconnected array of compelling economic, development and security challenges which require effective global governance. At the centre of world governance stand the new plurilateral summit institutions; the G8 and G20, and UN summits on subjects such as sustainable development and climate change. Many observers and participants regard the performance of these summits as inadequate and doubt their ability to cope with increasingly complex and numerous global challenges. This book critically examines how effectively central global institutions comply with their commitments and how their effectiveness can be improved through accountability measures designed to raise compliance and deliver better results. Expert contributors assess compliance and accountability at the key global institutions to provide an important resource for policymakers and scholars in political science, governance and accountability. For additional information and data relating to the book, please visit: http://www.g7g20.utoronto.ca/accountability/
Can the power of the G20 be legitimate? This book examines the politics surrounding the G20’s efforts to act effectively and legitimately and the problems and challenges involved in this activity. Developing a critical constructivist conceptualisation of the G20, the book considers holistically and practically the ways that the G20 develops various forms of power and influence and acts as an apex form of global governance that seeks to be an overall coordinating forum to address global problems. Assessing how debates about the legitimacy of the G20 shaped its operation, Slaughter argues that the G20’s power can be legitimate despite a range of considerable challenges and limits. The book also explores what measures the G20 could take to be more legitimate in the future. Offering a direct and accessible consideration of the politics of legitimacy with respect to the G20, this book will be of interest to those attempting to understand and analyse the G20 as well as to scholars of IR theory, global political economy, global policy, diplomacy and globalisation.
Examining the interplay between the domestic, regional and global aspects of the crisis of legitimacy of global governance, this book theoretically questions and empirically analyses the "crises of legitimacy" in global governance with respect to various mechanisms, actors, and issues. It expertly sheds lights on contemporary legitimacy contestations and crises by analysing conceptual, theoretical and empirical aspects of the legitimacy in global governance. The specific issues and case studies collected in this volume survey the evolving nature of legitimacy and legitimization processes in global governance with historical, and theoretical analysis. Perspectives on specific actors and issues provide vital insights for understanding several commonalities and differences of legitimacy crises faced at various global governance mechanisms. Improving the understanding of the strengths and weaknesses of current global governance bodies by showing several legitimacy contestations and crises at global and regional level, this book will be of great interest to scholars of international relations, globalization, international Political Economy, regionalism, and general global governance studies.
The future of the G20 is uncertain despite being developed to address the 2008 global financial crisis. This book considers the significance of the G20 by engaging various accounts of International Relations theory to examine the political drivers of this form of global governance. International Relations theory represents an array of perspectives that analyse the factors that drive the G20, how the G20 influences world politics and in what ways the G20 could or should be reformed in the future.
"This Chaillot Paper focuses on the emergence of the G-20 and its role in forging global governance amidst the changing dynamics of multilateralism. The paper explores three key dimensions of the G-20: its origins and development, its role with respect to the development of multilateralism and the way in which both old and new key actors engage with this new forum. It also emphasises how the G-20 is clearly of central importance for the EU's aim to build an international order based on effective multilateralism."--Editor.
Laying the foundations of a theory of ‘international social closure’ this book examines how actors compete for a seat at the table in the management of international society and how that competition stratifies the international domain. In a broad historical survey from the ‘Family of Civilised Nations’, through the Great Powers’ club, to the G7 and G20 today, Naylor investigates the politics of membership in the exclusive clubs that manage international society and ensure its survival, providing us with a new way to think about how status competition has changed over time and what this means for international politics today. With its sociologically grounded theory, this book advances English School scholarship and transforms the study of contemporary summitry, providing a ground-breaking approach rooted in archival research, elite interviews, and ethnographic participant observation. This book is of interest to international relations scholars interested in the ‘expansion’ and globalisation of international society, the history of international summits, and transformations in international order, as well as to those examining concepts including stratification, hierarchy, and networked governance. With its emphasis on non-state actors in global governance, scholars and practitioners alike working on/for civil society will also find this research of great value.