Handbook of Global Economic Governance: Players, Power and Paradigms

412 Pages·2013·4.504 MB·English

by  Manuela Moschella, Catherine Weaver

Handbook of Global
Economic Governance
Since the start of the global financial crisis the global economic regime has been in turmoil.
Followingthemassivefailuresinfinancialregulation,thecollapseofglobaltradenegotiationsand
persistent development challenges in the wake of world-wide food and financial crises, political
and publicattention has been focused onthe task of rethinking the fundamental ideas and rules
that govern the global economy. This Handbook aims to make sense of these emerging trends.
The expert authors explore the interplay of players, powers and paradigms to discern and
explain key patterns of continuity and change in critical areas of global economic governance,
attempting to answer a number of key questions:
(cid:1) Who is playing a central role in global economic governance?
(cid:1) What are the sources of material and social power that enable actors to demand or assume
positions of governing authority, define agendas and write and enforce the rules of the
game?
(cid:1) What paradigms do these actors bring to the table?
This Handbook brings together contributions from leading scholars to analyse the governance
of global trade, finance and development. Specifically, the book explores the patterns of con-
tinuity and change in the players, powers and paradigms that shape the global economy.
Highlighting the multiple channels through which the ‘three Ps’ shape global governance in
different areas of economic activity, the contributions in this Handbook also explore the chal-
lengestolegitimacy,relevanceandeffectivenessthatweobserveinglobaleconomicgovernance
today.
Manuela Moschella is Lecturer in Political Science at the University of Turin, Italy. Pre-
viously, she was Nino Andreatta Fellow at the University of Bologna, Italy and Visiting Fellow
at Johns Hopkins University, USA and at Copenhagen Business School, Denmark.
Catherine Weaver is Associate Professor at the LBJ School of Public Affairs at the University
of Texas at Austin, USA, where she directs the MA programme in Global Policy Studies and
co-directs the research programme on Innovations for Peace and Development.
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Handbook of Global
Economic Governance
Players, power and paradigms
Editors: Manuela Moschella and Catherine Weaver
Firsteditionpublished2014
byRoutledge
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LibraryofCongressCataloging-in-PublicationData
Handbookofglobaleconomicgovernance:players,power,and
paradigms/editors:ManuelaMoschellaandCatherineWeaver.
pagescm.–(Routledgeinternationalhandbooks)
Summary:““Providesathoroughoverviewofthegovernanceoftheglobaleconomicand
financialsystem.Discussesthemessuchasgovernance,functionsofgovernanceandproblems
andprospectsofgovernance,analysesthemainrulesandinstitutionsthatmakeupglobal
economicgovernanceandassessesalternativeproposalstoreformtheinternationalfinancial
architecture”–Providedbypublisher”–Providedbypublisher.
Includesbibliographicalreferencesandindex.
1.Economicstabilization.2.GlobalFinancialCrisis,2008-2009.
3.Internationaleconomicrelations.I.Moschella,Manuela,editorofcompilation.II.
Weaver,Catherine,1971-editorofcompilation.
HB3732.H362014
337–dc23
2013022048
ISBN:978-1-85743-635-8(hbk)
ISBN:978-0-203-15637-7(ebk)
TypesetinBembo
byTaylor&FrancisBooks
EuropaCommissioningEditor:CathyHartley
EditorialAssistant:AmyWelmers
Contents
List of Illustrations viii
Editors and contributors x
Foreword xvi
List of abbreviations xvii
1 Global economic governance: Players, power and paradigms 1
Manuela Moschella and Catherine Weaver
PARTI
Governing global trade 23
2 Plus ça change? Business as usual in the
governance of global trade 25
Rorden Wilkinson
3 Does sunshine make a difference? How transparency
brings the trading system to life 40
Robert Wolfe
4 Adaptation and change in EU trade governance:
the EU’s paradigm shift from multilateralism to regionalism
and bilateralism 57
Eugénia da Conceição-Heldt
5 Global economic governance: intellectual property 70
Susan K. Sell
6 Governing trade in global food and agriculture 79
Jennifer Clapp and Kim Burnett
v
Contents
PARTII
Global governance of finance and money 95
7 The historical origins and development of global
financial governance 97
Randall Germain
8 The G-20 and global financial regulation 115
Lora Anne Viola
9 The role of private governance in global finance 129
Heather McKeen-Edwards and Tony Porter
10 The Financial Stability Board as the new guardian of financial stability 143
Stefano Pagliari
11 The International Monetary Fund’s evolving role in global economic
governance 156
Stephen C. Nelson
12 Governing global capital flows 171
Kevin P. Gallagher
13 The governance of black holes of the world economy: shadow banking
and ‘offshore’ finance 186
Ronen Palan and Anastasia Nesvetailova
14 The eurozone crisis: growing pains or doomed from the start? 201
Matthias Matthijs
15 The future of the dollar? 218
Minh Ly
PARTIII
Governing development 231
16 The history of international development aid 233
David Williams
17 The World Bank in the post-structural adjustment era 249
Matthew S. Winters and Shyam Kulkarni
vi
Contents
18 The UN and global development 265
Stephen Browne
19 Global economic governance and the regional development banks 290
Jonathan R. Strand
20 Non-DAC donors and the changing landscape of bilateral aid 304
Katherine Kitterman and Michael G. Findley
21 Private transnational governance of economic development: International
development aid 322
Tim Büthe and Cindy Cheng
PARTIV
Crisis and change in global economic governance today 343
22 The contradictions of post-crisis global economic governance 345
Daniel W. Drezner
Index 361
vii
List of Illustrations
Figures
3.1 Number of TBT specific trade concerns raised per year 52
3.2 Environment-related notifications: technical barriers to trade 53
11.1 Conditionality in IMF loans, 1980–2000 160
11.2 Average loan size, 2002–12 162
11.3 GDP growth, 2000–10 164
16.1 US ODA 1960–2010 237
16.2 UK, French and Japanese ODA 240
18.1 UN Development system—existing structure 266
18.2 North and South views on medium-term changes needed in UNDS 283
18.3 Relevance of UNDS organizations for today’s development problems 284
18.4 Developed and developing country perception of UNDS effectiveness by domain 285
19.1 RDB annual projects approved 292
20.1 DAC and non-DAC donors’ yearly total aid 308
20.2 Comparing regional aid flows 309
20.3 Donor allocations by region 310
20.4 Comparing sectoral aid flows 311
20.5 Share of sectoral aid 312
20.6 Kuwait’s aid flows by sector 313
20.7 Brazil’s aid flows by sector 314
20.8 India’s aid flows by sector 316
20.9 China’s aid flows by sector 318
21.1 Share of bilateral governmental development assistance dispersed via NGOs 325
22.1 Popular belief that the United States is ‘the world’s leading economic power’ 351
22.2 Popular belief that China is ‘the world’s leading economic power’ 352
Tables
3.1 Purposes of transparency 43
3.2 Transparency generations 44
3.3 WTO right-to-know provisions 44
3.4 Types of WTO notifications 45
3.5 Notification obligations as of 2011 46
viii
ListofIllustrations
3.6 WTO monitoring and surveillance mechanisms 48
3.7 Reporting and engagement 49
12.1 The political economy of regulating cross-border capital flows 174
16.1 Top 10 OECD DAC donors, 2011 239
16.2 Multilateral development agencies 242
18.1 Overview of UN development system 269
18.2 Some examples of UNDS technical services 274
20.1 Total aid, 2005–2009 309
22.1 A typology of economic power 348
22.2 Winners and losers in economic power 351
ix