Since mid-2007, the world scenario has been dominated by the US sub-prime mortgage crisis and its repercussions on global financial markets and economic growth. As banks around the world wrote down their losses and governments intervened to rescue domestic financial institutions, financial distress severely hit the real economy leading to what has been widely defined as the worst recession since the 1930s. Under these conditions, along with the immediate concern for stemming the effects of the crisis, policy-makers around the world have been debating the long-term measures that have to be adopted in order to reduce the likelihood of future crises and to ensure stable economic growth. Although this debate has not yet produced significant transformations, it indicates a renewed concern about the institutional architecture that is meant to govern the global economic and financial system.
This book tackles the issue of what the governance of the global economic and financial system looks like and what the prospects for its reform are. Specifically, the book will address the following three main themes:
Governance: What is governance in the international economic system? What forms
does it take? How did it come about? How can we study it?;
Functions of governance: What are the functions of global economic governance? Who
performs them? What are the rules and mechanisms that make global governance
Problems and prospects of governance: What are the problems in global economic governance? Is there a trade-off between legitimacy and efficiency? What are the prospects for reform of global economic governance in the aftermath of the global financial crisis?
This book will:
- Provide a thorough analysis of the issues at stake in designing international rules and institutions able to govern the global economy;
- illustrate and analyze virtually all the main institutions, rules, and arrangements that make up global economic governance, inscribing them within the function these institutions, rules, and arrangements are meant to perform;
- discuss the problems that affect today’s global economic governance and assess alternative proposals to reform the international financial architecture.
Table of Contents
Section 1: Introduction 1. Global Economic Governance: Players, Power and Paradigms Manuela Moschella and Catherine Weaver Section 2: Governing Global Trade 2. Plus ça change? Business as usual in the Governance of Global Trade Rorden Wilkinson 3. Does sunshine make a difference? How transparency brings the trading system to life Robert Wolfe 4. Adaptation and Change in EU Trade Governance: The EU's Paradigm Shift from Multilateralism to Regionalism and Bilateralism Eugenia da Conceição-Heldt 5. Global Economic Governance: Intellectual Property Susan K. Sell 6. Governing Trade in Global Food and Agriculture Jennifer Clapp and Kim Burnett Section 3: Global Governance of Finance and Money 7. The Historical Origins and Development of Global Financial Governance Randall Germain 8. The G20 and Global Financial Regulation Lora Viola 9. The Role of Private Governance in Global Finance Tony Porter and Heather McKeen-Edwards 10. The Financial Stability Board Stefano Pagliari 11. The International Monetary Fund's Evolving Role in Global Economic Governance Steve Nelson 12. Governing Capital Flows Kevin Gallagher 13. The Governance of Black Holes of the World Economy: Shadow Banking and Offshore Finance Ronen Palan and Anastasia Nesvetailova 14. The Eurozone Crisis: Growing Pains or Doomed from the Start? Matthias Matthijis 15. The Future of the Dollar? Minh Ly Section 4: Governing Development 16. The History of International Development Aid David Williams 17. The World Bank in the Post-Structural Adjustment Era Matthew S. Winters and Shyam Kulkami 18. The UN and Global Development Stephen Browne 19. Global Economic Governance and the Regional Development Banks Jonathan Strand 20. Non-DAC Donors and the Changing Landscape of Bilateral Aid Mike Findley and Katherine Kitterman 21. Private Transnational Governance of Economic Development: International Development Aid Tim Buthe and Cindy Cheng Section 5: Crisis and Change in Global Economic Governance Today 22. The contradictions of post-crisis global economic governance Dan Drezner