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2020 | Buch

Introduction: Beyond Gridlock? Challenges and Prospects for Global Economic Governance Kapitel lesen Erstes Kapitel lesen

The Future of Global Economic Governance

Challenges and Prospects in the Age of Uncertainty

herausgegeben von: Marek Rewizorski, Karina Jędrzejowska, Anna Wróbel

Verlag: Springer International Publishing

Enthalten in: Springer Professional "Wirtschaft+Technik" , Springer Professional "Wirtschaft" , Springer Professional "Technik"

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Über dieses Buch

In light of new global challenges for international cooperation and coordination, such as the revival of protectionism, surge of populism, or energy-related issues, this volume highlights possible scenarios for the future of Global Economic Governance (GEG). The contributing authors analyze the substance of GEG as a normative framework for resolving collective action issues and promoting cross-border co-ordination and co-operation in the provision or exchange of goods, money, services and technical expertise in the world economy. Furthermore, the book examines drivers of fundamental shifts in global economic steering and covers topics such as power and authority shifts in the global governance architecture, technological and energy-related challenges, and the role of the G20 and BRICS in shaping global economic governance.

“This book provides a very timely and nuanced account of the challenges facing the established global order.”

Andrew F. Cooper (Professor of Political Science at the University of Waterloo)

“This valuable collection from a new generation of innovative scholars of global economic governance offers insights from a broad range of theoretical approaches to the central policy issues of the day”

John Kirton (Director of the Global Governance Program, Munk School of Global Affairs, University of Toronto)

Inhaltsverzeichnis

Frontmatter
Introduction: Beyond Gridlock? Challenges and Prospects for Global Economic Governance
Abstract
This chapter serves as introduction to a book which looks at the economic dimension of global governance and combines various perspectives in the field of Political Science and constructivist International Relations (IR) to explain the fundamental challenges for the future of global economic governance (GEG). The societal approach used in the book as an ideational core supplemented by liberal accounts (the three strands of new institutionalism and the comparative international political economy) makes it possible to analyze the contextual, external factors influencing the design of GEG, and also facilitates the exploration of the domestic factors affecting government policies. Starting from the concept of global economic governance as an imperfect ideational construct, “gridlocked,” or enmeshed in self-reinforcing interdependence, this chapter explains the reasons for the inadequateness of the mechanisms ensuring the effectiveness of global economic steering. Then it presents the analytical approach used in the book, locked within a finance–trade–development epistemological triangle. The last section of the chapter outlines all contributions in the book.
Marek Rewizorski, Karina Jędrzejowska, Anna Wróbel

Development, Trade, and Finance: Global Challenges

Frontmatter
Parallel Orders? Emerging Powers, Western Discontent, and the Future of Global Economic Governance
Abstract
Traditional modes of global economic governance are increasingly challenged by two rather novel drivers of international relations: emerging powers and anti-establishment voters in Western countries. The election of Donald Trump and the Brexit vote, on the one hand, as well as the growing assertiveness and new institutions of the BRICS emerging powers, on the other hand, exemplify the new developments. Since both challenges share a preference for nation-centred politics and demand a higher share in international power and resources, an order seems nascent which shows distinct features compared to traditional global governance shaped by universal rules, supranational and international organisations. The development of parallel orders can be countered by better including the demands of the challengers into a reformed conduct of global economic governance which aims at stronger legitimacy through improved accountability and inclusiveness.
Stefan A. Schirm
Networks Decentralizing Authority in Global Economic Governance
Abstract
This chapter analyzes how governance networks contributed to decentralizing global economic governance since the 2008 financial crisis. The growing international influence of networks of private, public, intergovernmental, and civil society actors has important authority effects, especially due to their policy contestation, advocacy, and capacity to shift the global governance agenda. This was augmented by increasing engagement and integration as interlocutors and policy actors, particularly in informal global governance settings such as the Group of Twenty. Global governance networks interact through transnational professional “ecologies.” This study also analyzes linkages between governance networks and broader practice communities. The research includes evidence from participant observation, semi-structured interviews, public statements, and document analysis. It deploys analytical tools, especially from social constructivism, discourse analysis, and the sociology of professions. Governance networks contributed significantly to the diversification of global governance actors since the financial crisis, decentralizing authority in global economic governance.
Jonathan Luckhurst
Global Economic Governance and the Challenge of Technological Revolution
Abstract
New technologies have profound impact on transformation of global economic governance. The chapter aims to grasp many dimensions of this impact that poses a big challenge for global economic governance. In identifying the ways beyond “gridlock” we must put particular attention to three trends that are analyzed in this chapter. First, new technologies dramatically change the nature of global economic problems, which the current institutions must follow and find up-to-date responses. Second, technological revolution offers many opportunities, but contributed to stronger competition and inequality in the world. Third, we need innovative forms of governance to manage delivery of global public goods that becomes even more difficult than in the past.
Bartłomiej E. Nowak, Artur Kluź
In Pursuit of Better Economic Governance: The Contribution of the G20 and BRICS
Abstract
The G20 and BRICS were born in a crowded world of international institutions following the 2008 financial and economic crisis. The G20 sought to manage the crisis, reform the international architecture and devise a new global consensus. BRICS committed to foster cooperation and policy coordination between its members and promote the international institutions reform. However, 10 years later, the G20’s and BRICS’ pursuit of the international monetary and trade systems reform has produced no fundamental results. This chapter looks into the history of the international monetary and trading systems reform endeavours and examines G20 and BRICS engagement with international organisations for better economic governance, focusing on the IMF, the MDBs and the WTO. It argues that the G20 and BRICS must increase efforts to create a global governance system that reflects new economic and technological realities, responds to persistent challenges, and creates conditions for a balanced and inclusive growth.
Marina Larionova
Multilateralism in Peril? Murky Protectionism and the Populist Backlash Against Globalisation
Abstract
This chapter looks at the two phenomena that may impact upon the global trade system members’ faith in the value of maintaining this system. The phenomena concerned are post-crisis, murky protectionism on the one hand, and populism on the other, both of which undermine and subvert the tenets of multilateralism. The first part of this chapter analyses murky protectionism as a challenge for trade multilateralism. The empirical–analytical review of structural and non-cyclical factors which result in the deceleration of trade is based on the statistics provided by the Global Trade Alert database and content analysis of documents, complemented by the studies by Simon J. Evenett, Johannes Fritz and Bernard Hoekman, among others. The second part is dedicated to populism and provides an opportunity to seek answers to the questions of why international trade is becoming such a sensitive and important political matter, and why populists have made free trade the main reason for political opposition to globalisation.
Marek Rewizorski
Protectionism as Challenges for the Global Trade Governance
Abstract
The author of this chapter addresses a serious global economic condition affected by protectionism and offers a summary of possible outcome of protectionism. Focusing on the global trade governance, the chapter draws attention to the development of global trade system and the WTO as the new global trade governance. Park also investigates and analyzes various challenges for the WTO on how to restore and strengthen its global governance although its capability is rather limited due to spreading protectionism rapidly. Additionally, Park explores reasons and impacts of protectionism that will affect the global trade governance.
Sang-Chul Park

From Global to Regional Challenges

Frontmatter
From Global to Regional Financial Governance? The Case of Asia-Pacific
Abstract
The chapter presents an overview of regional financial arrangements in Asia-Pacific. It represents an attempt to “map” various forms of financial governance mechanisms in the region. In line with the analytical model deployed in this volume, the chapter addresses the relationship between global and regional institutions of financial governance. It is based on the assumption that following the Asian financial crisis and global financial crisis, multilayered financial governance structures have developed with regional financial arrangements complementing and partially substituting for global arrangements. The analytical framework of the study links the concepts of global financial governance and financial regionalism. By using Asia-Pacific as a case study the chapter provides an overview of both institutional and functional aspects of regional financial arrangements.
Karina Jędrzejowska
Societal Dynamics in European Economic Governance: A Comparative Analysis of Variation in British and German Governmental Stances
Abstract
This chapter examines conflicting governmental stances surrounding two reform proposals in post-crisis European Union (EU) economic governance, namely the set-up of the European Supervisory Authorities (ESAs) and the introduction of a European Financial Transaction Tax (FTT). Both issues were fiercely debated, with discordant stances in revamping the Economic and Monetary Union (EMU) specifically coming from the UK and Germany. Following the societal approach to governmental preference formation, this study provides a comprehensive overview of national preferences and illustrates that the governmental stances towards the ESAs and the FTT were strongly shaped by two societal dynamics, sectoral interests and value-based ideas. In a cross-country comparison, the discourse and actions towards financial market supervision and regulation investigates: (1) how and to what extent these dynamics determined conflicting stances, (2) when each of these mattered, and (3) how they interacted with each other in shaping variance in governmental stances.
Aukje van Loon
European Energy Governance: The Pursuit of a Common External Energy Policy and the Domestic Politics of EU Member States Preferences
Abstract
The need to establish a common external energy policy in the EU emerges from rapid changes in the international system. Rising competition for the available resources, increasing demand for the fossil fuels in China and India, alongside the gas markets’ structural changes from regional to global, means high supply security risks of existing energy imports of the EU member states. Considering these international shifts, it is therefore puzzling why until now no meaningful common external energy policy had emerged in the EU. I argue that the preferences of member states’ governments are being influenced by domestic economic interest groups and geopolitical relations with the suppliers. Based on the selected country cases of Germany, Poland, France and Spain this chapter (I) analyses the process of domestic preference formation of these countries towards their main gas suppliers—Russia and Algeria; and (II) examines what role geopolitics play in this policy domain.
Iryna Nesterenko
The Functionality and Dysfunctionality of Global Trade Governance: The European Union Perspective
Abstract
The Doha Round has been going on for over 17 years and there are no prospects for its rapid conclusion. The results of the ministerial conferences in Bali and Nairobi raised some hope of breaking the deadlock in the negotiations. Unfortunately, the Buenos Aires conference did not have a similar positive effect. During the whole history of multilateral trading system there has never been so long a break in successful trade negotiations as the current one. The aim of the study is to answer the question whether the World Trade Organization (WTO) is still an effective instrument for realisation of the trade interests of its members, including the European Union in particular. In order to assess the organisation’s performance, its core functions will be evaluated.
Anna Wróbel
Metadaten
Titel
The Future of Global Economic Governance
herausgegeben von
Marek Rewizorski
Karina Jędrzejowska
Anna Wróbel
Copyright-Jahr
2020
Verlag
Springer International Publishing
Electronic ISBN
978-3-030-35336-0
Print ISBN
978-3-030-35335-3
DOI
https://doi.org/10.1007/978-3-030-35336-0

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