The G20 and Global Economic Governance during a Protracted Recession

Abstract

Thus far, the G20 represents the most significant collective attempt to address the 2008 economic crisis by the world’s largest economies. It is the only global platform that could serve as an institutional panacea for the protracted economic slowdown that has been experienced since 2008. This article analyses the G20 by situating it in the general historical-institutional context of the global economic governance. It compares and contrasts the G20 with the Bretton Woods institutions. Subsequently, some of the most pronounced criticisms of G20 are addressed, including concerns about possible “agenda creep” and the lack of a hegemonic underwriter.

Keywords

• G20, economic crisis, global governance, Bretton Woods, emerging economies, BRICs, Turkey, Mexico, political economy, development, Eurocrisis.

References

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