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By Jonathan Luckhurst

This publication analyzes the crowd of Twenty (G20) because the 2008 monetary main issue. The latter occasion undermined traditional knowledge and governance norms, constituting a extra contested overseas fiscal regime. G20 leaders sought a cooperative reaction to the 2008 trouble during the discussion board, conscious of their interdependence and the starting to be financial value of key constructing states. They agreed to new norms of economic governance in response to macroprudential law, the Basel III Accords, and improved multilateral cooperation. They prioritized G20 cooperation for reaching foreign fiscal balance and progress. alterations exist over explanations and results of the difficulty, together with at the advantages of financial austerity or monetary stimulus innovations; on accountability for and strategies to overseas fiscal imbalances; and issues approximately financial guidelines and “currency wars”. regardless of claims from skeptics that G20 cooperation is declining, this publication argues its significance for diplomacy and as a hub of world governance networks.

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As David Shambaugh (2013) argues, China is at best a ‘partial global power’, primarily an East Asian regional power. The country’s political leaders are not intent on displacing or contesting the US role in world affairs in the near future. Their demands are more focused on achieving a level of influence in multilateral governance that matches their significance for the international economy, which the GFC increased. This chapter analyzes strategic shifts in international economic relations during the GFC, for which figures for GDP are partly indicative, whether in nominal or PPP terms.

This has added to a perception among many scholars and politicians that the USA is no longer a global ‘hegemon’ in economic terms, though it is still often considered the dominant military power. Hegemonic stability theory emphasizes the capacity of ‘hegemonic’— that is, globally dominant states, to sustain international order and stability by providing public goods such as economic and military security (Kindleberger 1973; Krasner 1976). The perception that the USA no longer dominates world affairs, as it seemed to during the 1990s (Krauthammer 1990, 2002), has raised fears that this could increase international instability (James 2011, 526; Kirshner 2014, 108).

The second analyzes the significance of the GFC for the strategic economic role of states, focusing on national governments as economic actors. The third examines GFC effects on the strategic economic role of multilateral bodies, with the G20 as a network hub of global economic governance. The fourth section focuses on hegemonic stability in international relations. It argues that the crisis accelerated the relative shift in influence from the USA to leading developing states, especially China.

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