G20 GOVERNANCE FOR A GLOBALIZED WORLD
Global Finance Series
Edited by
John Kirton, University of Toronto, Canada,
Michele Fratianni, Indiana University, USA, and
Paolo Savona, University of Rome Guglielmo Marconi, Italy
The intensifying globalization of the twenty-first century has brought a myriad of new managerial and political challenges for governing international finance. The return of synchronous global slowdown, mounting developed country debt, and new economy volatility have overturned established economic certainties. Proliferating financial crises, transnational terrorism, currency consolidation, and increasing demands that international finance should better serve public goods such as social and environmental security, have all arisen to compound the problem.
The new public and private international institutions that are emerging to govern global finance have only just begun to comprehend and respond to this new world. Embracing international financial flows and foreign direct investment, in both the private and public sector dimensions, this series focuses on the challenges and opportunities faced by firms, national governments, and international institutions, and their roles in creating a new system of global finance.
Also in the series
European Union Economic Diplomacy
The Role of the EU in External Economic Relations
Stephen Woolcock
ISBN: 978-0-7546-7930-1
The New Economic Diplomacy
Decision-Making and Negotiation in International Economic Relations
Edited by Nicholas Bayne and Stephen Woolcock
ISBN: 978-1-4094-2541-0
Financial Crisis Management and the Pursuit of Power
American Pre-eminence and the Credit Crunch
Mine Aysen Doyran
ISBN: 978-1-4094-0095-0
Full series listing at the back of the book
G20 Governance
for a Globalized World
JOHN J. KIRTON
University of Toronto, Canada
First published 2013 by Ashgate Publishing
Published 2016 by Routledge
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Copyright 2013 John J. Kirton
John J. Kirton has asserted his right under the Copyright, Designs and Patents Act, 1988, to be identified as the author of this work.
All rights reserved. No part of this book may be reprinted or reproduced or utilised in any form or by any electronic, mechanical, or other means, now known or hereafter invented, including photocopying and recording, or in any information storage or retrieval system, without permission in writing from the publishers.
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British Library Cataloguing in Publication Data
Kirton, John J.
G20 governance for a globalized world. (Global finance series)
1. Group of Twenty. 2. International organization Case studies. 3. International economic integration Case studies. 4. Economic history 21st century.
I. Title II. Series
337.1-dc23
Library of Congress Cataloging-in-Publication Data
Kirton, John J.
G20 governance for a globalized world / by John Kirton.
p. cm. (Global finance)
Includes bibliographical references and index.
ISBN 978-1-4094-2829-9 (hardback) 1. Group of Twenty. 2. International economic relations. 3. International economic integrationCase studies. 4. International organizationsCase studies. 5. Economic history21st century. I. Title.
HF1359.K574 2011
337.1dc23
2011048773
ISBN: 978-1-4094-2829-9 (hbk)
ISBN: 978-1-472-45987-9 (pbk)
ISBN: 978-1-3155-8374-7 (ebk)
Contents
List of Tables
Preface
The research for this book began more than a decade ago, as part of my ongoing work on Group of Eight (G8) governance. When the Asian-turned-global financial crisis struck in 199799, the finance ministers of the Group of Seven (G7) and the G8 leaders endorsed a new bodythe G20 finance ministers and central bank governors forum in 1999in what appeared to be the latest of many extensions of the G8s global governance reach. The new G20 remained a subject of particular interest amidst rising concern about governing globalization at the start of the twenty-first century and then combating terrorism after al Qaeda attacked the United States from Afghanistan on September 11, 2001. Enriched by concerns about legitimacy and effectiveness in global governance, my research on the G20 continued until 2005, when I systematically assessed G20 governance over its first five years. That assessment and its broader concern with legitimacy and effectiveness in global governance, well used by scholars, students, and other stakeholders to this day, suggested that the G20 was not only here to stay but also worth a closer look.
However, my attention turned to the G8s efforts during that decade to include emerging powers and international organizations in its annual summit and governance system beneath. This process took a great leap forward when the Group of Five (G5) of Brazil, China, India, Mexico, and South Africa joined the G8 leaders as participants in the latters Gleneagles gathering in 2005. There followed the Heiligendamm Dialogue Process at the official level in 2007, the meeting of the Major Economies Forum (MEF) as part of the G8 summit in 2008, and efforts at more inclusive, more variable participation culminating in 2009.
Even before the American-turned-global financial crisis erupted in full force in the autumn of 2008, my attention had turned back to the G20, first in the form of a separate G20 Research Group, which I created, and then with a book, co-edited with Madeline Koch, to commemorate the first decade of G20 governance on the occasion of its annual autumn ministerial meeting in So Paulo, Brazil. By the time that book arrived, so had G20 summitry, with the first encounter in Washington DC on November 1415, 2008. That started an intense sequence that continued with its fourth summit in Toronto on June 2627, 2010, which is where I have chosen to end this book. By the end of the Toronto Summit, I had written 50 articles, chapters, and edited volumes on the G20 in its various parts. Yet, in doing so I was frustrated by the fact that within the great global outpouring of commentary on the G20, there was no single work that reliablycomprehensively, continuously, and in detailtold the story of the G20a group whose leaders had, at their Pittsburgh Summit in September 2009, proclaimed it to be theirs and thus the worlds permanent, premier forum for international economic cooperation. This book has been written as a result.
Approach and Methods
This book seeks to be the first full, comprehensive, independent, authoritative, analytical account of the G20 from its birth at the level of finance ministers and central bank governors in 1999 through to its fourth summit in Toronto in 2010. It avoids the popular, proliferating program of advising G20 governors what they should do or criticizing them for not using it differently. Nor is it a sanitized account as seen from the inside, as is the G20s own valuable history, published in 2008 before the G20 became a summit club. Instead, it draws on the best concepts and theories of international relations and global governance to offer an account of G20 governance and the G20 itself.
