*Open Access content has been made available under a Creative Commons Attribution-Non Commercial-No Derivatives (CC-BY-NC-ND) license
We are now in the era of the G8, although the G7 still exists as a grouping for Finance Ministers. Why do G7 finance ministries and central banks co-operate? What are the implications of this co-operation for US power and the abilities of the other six states to exercise leadership? What role do the G7 play in global financial governance? How much authority do they possess and how is that authority exercised?
This is the first major monograph on the political economy of G7 finance ministry and central bank co-operation. It argues that to understand the contribution of the G7 to global financial governance it is necessary to locate the process in the context of a wider world financial order comprised of decentralized globalization. It also provides original case study material on the G7’s contribution to macroeconomic governance and to debates on the global financial architecture over the last decade. It assesses the G7’s role in producing a system of global financial governance based on market supremacy and technocratic transgovernmental consensus and articulates normative criticisms of the G7’s exclusivity.
For researchers in the fields of IR/IPE generally, postgraduate students in the field of international organization and global governance, policy makers and financial journalists this is the most extensive analysis of the G7 and the political economy of global financial governance to date.
Introduction: The Group of Seven and Global Financial Governance
The Evolution of the Group of Seven and the Re-Emergence of Global Finance: The Historical Context
Situating the Group of Seven in a context of ‘Decentralized Financial Globalization’ : A Four-Dimensional Framework
The Group of Seven and the Politics of Financial Ideas: The Durability of the Economic Consensus of the 1990s
The Group of Seven as a Multi-Spatial Transgovernmental Actor in World Politics: Four-Dimensional Diplomacy in Practice
The Group of Seven and Macroeconomic Governance: Discourse, Declaratory Policy and Market Supremacy
The Group of Seven and the Global Financial Architecture: The Institutional and Ideational Foundations of Market Supremacy
Conclusions: Global Financial Governance and the Group of Seven as a Senior Transgovernmental Coalition
The Routledge Studies in Globalisation series is edited by André Broome (University of Warwick, UK) and Leonard Seabrooke (Copenhagen Business School, Denmark).
Based in the Centre for the Study of Globalisation and Regionalisation at the University of Warwick (www.warwick.ac.uk/csgr), the Routledge Studies in Globalisation series examines key questions related to the theory and practice of globalisation and regionalisation. The Series has an interdisciplinary focus and publishes research that is methodologically and theoretically rigorous and which advances knowledge about the changing dynamics of globalisation and regionalisation, global governance and global order, and global civil society.
Shaun Breslin, University of Warwick, UK
Sophie Harman, Queen Mary University of London, UK
Richard Higgott, University of Warwick, UK
Manuela Moschella, Scuola Normale Superiore, Italy
Helen Nesadurai, Monash University, Malaysia
Andreas Nölke, Goethe University Frankfurt, Germany