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The G20 and Global Economic Governance during a Protracted Recession

Year 2013, Volume: 18 Issue: 4, 7 - 28, 01.01.2013

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.

References

  • An earlier version of this article was published as a Policy Brief for the Ankara Center for Political and Economic Research, and presented at a panel on the G20 at the TOBB University of Economy and Technology. The author would like to thank Dr. M. Akif Kireçci of ASEM, and panelist Mr. Turalay Kenç, Deputy Governor of the Central Bank of Turkey, for their valuable comments.
  • C. Lapavistas, A. Kaltenbrunner, et.al., “Breaking Up? A Route Out of the Eurozone Crisis”, Research on Money and Finance Occasional Report, No. 3 (November 2011).
  • Gabriel Goodliffe and Stephan Sberro, “The G20 after Los Cabos: Illusion of Global Economic Governance”, The International Spectator, Vol. 47, No. 4 (December 2012), p. 15.
  • “Cynicism and Expectations of the G-20”, The Stanley Foundation Monthly Newsletter, December 2011.
  • John Ikenberry, After Victory: Institutions, Strategic Restraint, and the Rebuilding of Order after Major Wars, New Jersey, Princeton University Press, 2001, pp. 186-191.
  • Barry Eichengreen, “Hegemonic Stability Theories of International Monetary System”, National Bureau of Economic Research, Working Paper No. 2193, Cambridge, MA, 1987.
  • Robert Keohane, After Hegemony: Cooperation and Discord in the World Political Economy, Princeton, Princeton University Press, 1984.
  • Douglass North, Institutions, Institutional Change and Economic Performance, Cambridge, Cambridge University Press, 1991.
  • Homi Kharas and Domenico Lombardi, “The Group of Twenty: Origins, Prospects and Challenges for Global Governance”, Global Economy and Development, at http://www. brookings.edu/research/papers/2012/08/g20-global-governance-kharas-lombardi [last visited 2 October 2013].
  • UN Economic Commission on Latin America and Caribbean (ECLAC), Latin America and Caribbean in World Economy 2011-2012. 11 Ibid., p. 5
  • The White House, “The Pittsburgh Summit: Creating a 21st Century International Economic Architecture”, at http://www.whitehouse.gov/files/documents/g20/Architecture_Fact_Sheet. pdf [last visited 12 October 2013].
  • Goodliffe and Sberro, “The G20 after Los Cabos”, p. 3.
  • Giovanni Grevi, “The G20 after Cannes: An Identity Crisis”, FRIDE Policy Brief, No. 105 (November 2011).
  • Matthew Morgan, “Consensus Formation in the Global Economy: The Success of the G7 and the Failure of the G20”, Studies in Political Economy, Vol. 90 (Autumn 2012), p. 115.
  • Nouriel Roubini, “Our G-Zero World”, at http://www.project-syndicate.org [last visited 28 August 2013]. 17 Ibid.
  • Robert Keohane and Joseph S. Nye, Power and Interdependence, Little, Brown and Company, 1977, pp. 24-25; Robert Keohane and Joseph S. Nye, Jr., “Power and Interdependence Revisited”, International Organization, Vol. 41, No. 4 (Autumn 1987), pp. 725, 731.
  • Kemal Derviş, “Introduction”, in The G-20 Los Cabos Summit 2012: Bolstering the World Economy Amid Growing Fears of Recession, Global Economy and Development, Brookings Institution, June 2012.
  • Paul Krugman, End This Depression Now , New York, WW Norton and Company, 2012.
  • “JP Morgan Settles for $5.1 billion with US Housing Regulator”, at http://www.bbc.co.uk/ news/business-24679735 [last visited 2 December 2013].
  • Paul Krugman, “Crash of the Bumblebee”, New York Times, 29 July 2012.
  • Joseph Stiglitz, “Complacency in a Leaderless World”, Project Syndicate, at http:// www.project-syndicate.org/commentary/lessons-from-davos-by-joseph-e-- stiglitz#Y0oCtqwGZsbeBYZb.99 [last visited 15 November 2013].
  • Evren Çelik Wiltse, “2008 Krizi, Brezilya ve Yeni Sosyal Demokrat Kalkınmacı Model Tartışmaları”, in Fikret Şenses, Ziya Öniş and Caner Bakır (eds.), Küresel Ekonomik Kriz Sonrasında Yeni Dünya Düzeni, Istanbul, İletişim Yayınları, (2013), pp. 311-333.
  • Brian Carin and David Shorr, “The G-20 as a Lever for Progress”, Policy Analysis Brief, February 2013.
  • Vladimir V. Putin, “A Plea for Caution From Russia: What Putin Has to Say to Americans About Syria”, New York Times, 11 September 2013.
Year 2013, Volume: 18 Issue: 4, 7 - 28, 01.01.2013

Abstract

References

  • An earlier version of this article was published as a Policy Brief for the Ankara Center for Political and Economic Research, and presented at a panel on the G20 at the TOBB University of Economy and Technology. The author would like to thank Dr. M. Akif Kireçci of ASEM, and panelist Mr. Turalay Kenç, Deputy Governor of the Central Bank of Turkey, for their valuable comments.
  • C. Lapavistas, A. Kaltenbrunner, et.al., “Breaking Up? A Route Out of the Eurozone Crisis”, Research on Money and Finance Occasional Report, No. 3 (November 2011).
  • Gabriel Goodliffe and Stephan Sberro, “The G20 after Los Cabos: Illusion of Global Economic Governance”, The International Spectator, Vol. 47, No. 4 (December 2012), p. 15.
  • “Cynicism and Expectations of the G-20”, The Stanley Foundation Monthly Newsletter, December 2011.
  • John Ikenberry, After Victory: Institutions, Strategic Restraint, and the Rebuilding of Order after Major Wars, New Jersey, Princeton University Press, 2001, pp. 186-191.
  • Barry Eichengreen, “Hegemonic Stability Theories of International Monetary System”, National Bureau of Economic Research, Working Paper No. 2193, Cambridge, MA, 1987.
  • Robert Keohane, After Hegemony: Cooperation and Discord in the World Political Economy, Princeton, Princeton University Press, 1984.
  • Douglass North, Institutions, Institutional Change and Economic Performance, Cambridge, Cambridge University Press, 1991.
  • Homi Kharas and Domenico Lombardi, “The Group of Twenty: Origins, Prospects and Challenges for Global Governance”, Global Economy and Development, at http://www. brookings.edu/research/papers/2012/08/g20-global-governance-kharas-lombardi [last visited 2 October 2013].
  • UN Economic Commission on Latin America and Caribbean (ECLAC), Latin America and Caribbean in World Economy 2011-2012. 11 Ibid., p. 5
  • The White House, “The Pittsburgh Summit: Creating a 21st Century International Economic Architecture”, at http://www.whitehouse.gov/files/documents/g20/Architecture_Fact_Sheet. pdf [last visited 12 October 2013].
  • Goodliffe and Sberro, “The G20 after Los Cabos”, p. 3.
  • Giovanni Grevi, “The G20 after Cannes: An Identity Crisis”, FRIDE Policy Brief, No. 105 (November 2011).
  • Matthew Morgan, “Consensus Formation in the Global Economy: The Success of the G7 and the Failure of the G20”, Studies in Political Economy, Vol. 90 (Autumn 2012), p. 115.
  • Nouriel Roubini, “Our G-Zero World”, at http://www.project-syndicate.org [last visited 28 August 2013]. 17 Ibid.
  • Robert Keohane and Joseph S. Nye, Power and Interdependence, Little, Brown and Company, 1977, pp. 24-25; Robert Keohane and Joseph S. Nye, Jr., “Power and Interdependence Revisited”, International Organization, Vol. 41, No. 4 (Autumn 1987), pp. 725, 731.
  • Kemal Derviş, “Introduction”, in The G-20 Los Cabos Summit 2012: Bolstering the World Economy Amid Growing Fears of Recession, Global Economy and Development, Brookings Institution, June 2012.
  • Paul Krugman, End This Depression Now , New York, WW Norton and Company, 2012.
  • “JP Morgan Settles for $5.1 billion with US Housing Regulator”, at http://www.bbc.co.uk/ news/business-24679735 [last visited 2 December 2013].
  • Paul Krugman, “Crash of the Bumblebee”, New York Times, 29 July 2012.
  • Joseph Stiglitz, “Complacency in a Leaderless World”, Project Syndicate, at http:// www.project-syndicate.org/commentary/lessons-from-davos-by-joseph-e-- stiglitz#Y0oCtqwGZsbeBYZb.99 [last visited 15 November 2013].
  • Evren Çelik Wiltse, “2008 Krizi, Brezilya ve Yeni Sosyal Demokrat Kalkınmacı Model Tartışmaları”, in Fikret Şenses, Ziya Öniş and Caner Bakır (eds.), Küresel Ekonomik Kriz Sonrasında Yeni Dünya Düzeni, Istanbul, İletişim Yayınları, (2013), pp. 311-333.
  • Brian Carin and David Shorr, “The G-20 as a Lever for Progress”, Policy Analysis Brief, February 2013.
  • Vladimir V. Putin, “A Plea for Caution From Russia: What Putin Has to Say to Americans About Syria”, New York Times, 11 September 2013.
There are 24 citations in total.

Details

Primary Language English
Journal Section Articles
Authors

Evren Çelik Wıltse This is me

Publication Date January 1, 2013
Published in Issue Year 2013 Volume: 18 Issue: 4

Cite

APA Wıltse, E. Ç. (2013). The G20 and Global Economic Governance during a Protracted Recession. PERCEPTIONS: Journal of International Affairs, 18(4), 7-28.
AMA Wıltse EÇ. The G20 and Global Economic Governance during a Protracted Recession. PERCEPTIONS. January 2013;18(4):7-28.
Chicago Wıltse, Evren Çelik. “The G20 and Global Economic Governance During a Protracted Recession”. PERCEPTIONS: Journal of International Affairs 18, no. 4 (January 2013): 7-28.
EndNote Wıltse EÇ (January 1, 2013) The G20 and Global Economic Governance during a Protracted Recession. PERCEPTIONS: Journal of International Affairs 18 4 7–28.
IEEE E. Ç. Wıltse, “The G20 and Global Economic Governance during a Protracted Recession”, PERCEPTIONS, vol. 18, no. 4, pp. 7–28, 2013.
ISNAD Wıltse, Evren Çelik. “The G20 and Global Economic Governance During a Protracted Recession”. PERCEPTIONS: Journal of International Affairs 18/4 (January 2013), 7-28.
JAMA Wıltse EÇ. The G20 and Global Economic Governance during a Protracted Recession. PERCEPTIONS. 2013;18:7–28.
MLA Wıltse, Evren Çelik. “The G20 and Global Economic Governance During a Protracted Recession”. PERCEPTIONS: Journal of International Affairs, vol. 18, no. 4, 2013, pp. 7-28.
Vancouver Wıltse EÇ. The G20 and Global Economic Governance during a Protracted Recession. PERCEPTIONS. 2013;18(4):7-28.