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Über dieses Buch

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.

Inhaltsverzeichnis

Frontmatter

Chapter 1. Introduction: The Shifting Global Economic Architecture

The introduction to the book, this chapter, presents the core analytical focus. This includes a discussion of the main topic in the present study, which is the shifting global economic architecture, as well as introducing the analytical focus on the three dimensions of strategic, political, and cognitive authority. It contextualizes this research within the broader academic literature on global governance and, particularly, global economic governance since the global financial crisis. The chapter further introduces the book, by providing an overview of the chapters.
Jonathan Luckhurst

Shifting Organizational Framework

Frontmatter

Chapter 2. Global Economic Governance Since the Twentieth Century

This chapter starts by analyzing effects of the 1944 Bretton Woods conference. It initiated the American influence over the immediate postwar global economic architecture. During the rest of the Cold War, there was a gradual shift in relative international economic authority, as industrialized states such as West Germany and Japan gained increasing influence from the mid- to late-twentieth century. This led to new forms of cooperation between leading wealthy states after the postwar Bretton Woods monetary system collapsed. The post-Cold War period constituted new forms of multilateral economic cooperation, especially ‘new’ or ‘open’ regionalism, which diminished American political authority, since it was more independent of US influence. The chapter indicates the growing constraints on American international strategic, political, and cognitive authority.
Jonathan Luckhurst

Chapter 3. Global Economic Governance Since the Global Financial Crisis

This chapter analyzes consequences of decentralizing authority for the shifting organizational framework of the global economic architecture. It indicates that relative strategic decline of the United States has further accelerated since the GFC. Organizational effects have been evident in formal and informal contexts. The G20 became the most crucial informal forum for decentralizing authority, though the BRICS forum also contributed significantly to this process. New IFIs also have significantly contributed to this decentralizing authority, by constituting alternative organizational platforms, especially for leading developing states to have greater influence. These new organizational contexts of global economic governance also contributed to decentralizing international authority on core policy principles, norms, and practices, thus undermining the organizational influence of the Bretton Woods institutions and the Washington Consensus.
Jonathan Luckhurst

Contesting Policy Principles, Norms, and Practices

Frontmatter

Chapter 4. From Deregulation and Market Efficiency to Sustainable and Inclusive Growth

The analysis in this chapter indicates the parallels between earlier contestation of economic governance norms, in the mid-twentieth century, and the post-GFC contestation. This concerned contestation between advocates of market efficiency and rationality and those who argued that government intervention was a necessary corrective to the flaws in market capitalism. GFC effects on global financial governance influenced this policy contestation, encouraging an important shift from micro- to macroprudential financial regulation. It indicated the decentralizing authority in this global policymaking context, in terms of shifting cognitive authority; this was also demonstrated by the integration of more policy actors from developing states in multilateral fora.
Jonathan Luckhurst

Chapter 5. Globalization, Inequality, and Challenges to Free Trade

This chapter analyzes an interrelated set of key economic policy debates since the late twentieth century, concerning issues of globalization, inequality, and trade. This demonstrates, in particular, how the policymaking consequences of recent international politics are influencing the global economic architecture. The core claims of much of the discourse on economic globalization were brought into question by the GFC, further undermining confidence in financial deregulation. Another aspect of this discourse, the emphasis on trade liberalization, also was undermined by the growing influence of ‘populist’ politicians in America and Europe. Rising inequality in many of these countries contributed to the populist political surge in 2016, which has also increased the relative authority shift between some politicians of those states.
Jonathan Luckhurst

Chapter 6. The Growing Sustainable Development Consensus

The core argument of this chapter is that there has been a growing sustainable development consensus since the GFC. This is important for the claims of the book, since this new development consensus was initially advocated by leading developing states, especially the Chinese and South Koreans. It builds on lessons learnt in several Asian countries, plus by World Bank staff and other development experts, following the 1997–98 Asian financial crisis. The contemporary sustainable development consensus comprises aspects of what could be called the ‘Asian model’, influenced by policymakers from China, India, Japan, and South Korea. The Bretton Woods institutions and G7 governments have lost influence on economic development principles, norms, and practices, relative to some of the aforementioned Asian and leading developing states, especially China.
Jonathan Luckhurst

Destabilizing Actor Hierarchies

Frontmatter

Chapter 7. Shifting Authority of Actors in Global Economic Governance

This chapter demonstrates how the organizational and policymaking shifts influenced the authority of actors in global economic governance. This indicates that decentralizing strategic, political, and cognitive authority has significantly influenced actor hierarchies in the global economic architecture, especially since the GFC. This aspect of decentralizing authority leading to destabilizing actor hierarchies has been particularly significant for global development and financial governance, principally since the GFC. The chapter indicates how these effects were constituted through the strategic, political, and cognitive agency of actors. On the question of whether these shifts in the global economic architecture constituted a ‘post-Western’ world, while there has been what might be called a partial rebalancing due to decentralizing authority, nevertheless, the leading Western states, especially the G7, remain highly influential.
Jonathan Luckhurst

Chapter 8. Fragmentation or Integration of Global Economic Governance

This chapter analyzes the consequences of decentralizing strategic, political, and cognitive authority for the fragmentation or integration of the global economic architecture. Both effects are evident in the analysis; however, there has been greater evidence of growing integration rather than fragmentation, incorporating a wider group of authoritative actors in global economic governance. This greater inclusivity and integration indicates how decentralizing authority has strengthened instead of weakened the global economic architecture. The chapter also addresses the relevance of narratives about ‘the West versus the rest’ for contemporary global economic governance. It concludes that, partly due to decentralizing authority, strategic, political, and policy alliances do not currently conform to a clear ‘West’ against ‘the rest’ logic in multilateral economic cooperation.
Jonathan Luckhurst

Chapter 9. Conclusion: Decentralizing Global Economic Governance

This chapter concludes the book, synthesizing the preceding evidence and presenting the core claims. The ‘analytical matrix’, focusing on the evidence of decentralizing strategic, political, and cognitive authority among the organization, policymaking, and actors that constitute the global economic architecture, provides important evidence for this chapter. It emphasizes the broad effects of decentralizing authority in global economic governance. This indicates, for example, how the policy areas of global governance analyzed here have been strengthened or adjusted since the GFC. It also demonstrates the importance of strategic, political, and cognitive authority for these shifts. This study is useful for those who want to understand better the contemporary significance of global economic governance, prospects for further cooperation, and some of the key challenges to the global economic architecture.
Jonathan Luckhurst

Backmatter

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