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The Group of 20 and Global Economic Affairs

Preteni, Sadat LU (2011) STVM01 20111
Department of Political Science
Abstract
The G20 leaders forum was created as a response to the economic and financial crisis of 2008-2009. However, well before the crisis, calls for a new order in global economic governance had mounted as the credibility and importance of existing patterns of global governance had waned. Accordingly, the G20 replaced the G7 for dealing with international economic matters and designated itself as the premier forum for global economic governance. By way of its informal and nonlegal structure, the G20 has been able to promote international cooperation between interdependent states in some areas. Among other things, the G20 rapidly
coordinated international stimulus packages to contain the recent financial crisis. It also furnished the Bretton... (More)
The G20 leaders forum was created as a response to the economic and financial crisis of 2008-2009. However, well before the crisis, calls for a new order in global economic governance had mounted as the credibility and importance of existing patterns of global governance had waned. Accordingly, the G20 replaced the G7 for dealing with international economic matters and designated itself as the premier forum for global economic governance. By way of its informal and nonlegal structure, the G20 has been able to promote international cooperation between interdependent states in some areas. Among other things, the G20 rapidly
coordinated international stimulus packages to contain the recent financial crisis. It also furnished the Bretton Woods institutions with new resources and created a new international financial institution – the FSB. However, the informal, soft-law, nature appears to threaten the effectiveness of the G20, as it leaves it without an effective mechanism for ensuring compliance of its agreements. Due to this, the international financial architecture has not yet been re-regulated. Moreover, despite including the world’s most systemically significant industrial and developing countries in its membership, the G20 is criticized for being
undemocratic and self-selected, as well as exclusive and illegitimate for refusing to increase its membership. Against this background, the G20 does not appear to have reduced the global governance deficit, as it does not entirely represent a new, more legitimate and effective order in global economic governance. (Less)
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author
Preteni, Sadat LU
supervisor
organization
alternative title
A New Order in Global Economic Governance
course
STVM01 20111
year
type
H1 - Master's Degree (One Year)
subject
keywords
Economic and Financial Crisis, The Group of 20 (G20), International Economic Cooperation, Global Economic Governance, Legitimacy.
language
English
id
2155451
date added to LUP
2011-09-26 16:11:45
date last changed
2011-09-26 16:11:45
@misc{2155451,
  abstract     = {The G20 leaders forum was created as a response to the economic and financial crisis of 2008-2009. However, well before the crisis, calls for a new order in global economic governance had mounted as the credibility and importance of existing patterns of global governance had waned. Accordingly, the G20 replaced the G7 for dealing with international economic matters and designated itself as the premier forum for global economic governance. By way of its informal and nonlegal structure, the G20 has been able to promote international cooperation between interdependent states in some areas. Among other things, the G20 rapidly
coordinated international stimulus packages to contain the recent financial crisis. It also furnished the Bretton Woods institutions with new resources and created a new international financial institution – the FSB. However, the informal, soft-law, nature appears to threaten the effectiveness of the G20, as it leaves it without an effective mechanism for ensuring compliance of its agreements. Due to this, the international financial architecture has not yet been re-regulated. Moreover, despite including the world’s most systemically significant industrial and developing countries in its membership, the G20 is criticized for being
undemocratic and self-selected, as well as exclusive and illegitimate for refusing to increase its membership. Against this background, the G20 does not appear to have reduced the global governance deficit, as it does not entirely represent a new, more legitimate and effective order in global economic governance.},
  author       = {Preteni, Sadat},
  keyword      = {Economic and Financial Crisis,The Group of 20 (G20),International
Economic Cooperation,Global Economic Governance,Legitimacy.},
  language     = {eng},
  note         = {Student Paper},
  title        = {The Group of 20 and Global Economic Affairs},
  year         = {2011},
}