Politics in Practice

Insights from our authors

The Shifting Global Economic Architecture

Jonathan Luckhurst is Associate Professor of International Relations at the Center for North American Studies of the Pacific Studies Department, University of Guadalajara, Mexico. His book The Shifting Global Economic Architecture, Luckhurst analyzes the shifting global economic architecture, indicating the decentralizing authority in global economic governance since the Cold War and, especially, following the 2008-09 global financial crisis.

Your argument about ‘decentralizing authority’ in the wider Global Economic Architecture is quite interesting. Can you talk a little bit about how you came to examine this and what led you to your conclusions?

As I considered my plans for the new book, I realized one of the most important aspects of the shifting global economic architecture was its increasingly decentralizing authority. This was clearly evident, in terms of the relative influence of actors in formal and informal organizational frameworks of global economic governance, across macroeconomic, trade, and development policy fields. The collective economic leadership of the Group of Seven (G7), and especially the United States, comparatively declined as these other actors, especially from leading developing states, achieved greater international strategic, political, and cognitive authority. This was influenced by recent developments within the G7, particularly the international authority effects of ‘Brexit’ and Donald Trump’s election victory. What is unique about my new book is the analytical ‘matrix’, which examines the consequences of these three key dimensions of decentralizing international authority across the organizational, policy, and actor contexts of global economic governance. The book concludes that these shifts have been increasing, especially since the global financial crisis. Rather than leading to fragmentation of the global economic architecture, the consequences have been to strengthen it by integrating these broader actors. This augmented the capacities of multilateral cooperation through various organizational contexts, such as the Group of Twenty (G20), the BRICS’ New Development Bank, the Asian Infrastructure Investment Bank, and the ASEAN-Plus-Three forum. It also led to important shifts in the policy principles, norms, and practices of global economic governance, particularly in macroprudential financial regulation and the growing sustainable development consensus.    

How does this volume build on your previous volume with us which looked at the G20 since the Global Economic Crisis?

This volume certainly builds on my previous book with Palgrave Macmillan, G20 Since the Global Crisis. Many of the core themes of this study were introduced in the G20 book, such as the issue of decentralizing authority in global economic governance and its focus on strategic, political, and cognitive dimensions of authority. The new book similarly focuses on the shifting policy norms and practices of global economic governance, since the 2008 financial crisis, though on a broader scale than the G20. I analyzed some of the wider consequences of the global financial crisis, including recent developments such as the political consequences of ‘populism’, the ‘Brexit’ referendum, and Trump’s presidency. The new book considers these issues, especially how the Trump Administration has undermined U.S. international authority. This has contributed further to decentralizing authority in the global economic architecture, relative to the evidence presented in my G20 book, which was published before the 2016 U.S. general election.   

What do you think your next book will be on, i.e. your best predictor about the next big change in the Global Economic Architecture?

I have been thinking about what issues to examine next. My general research strategy is to build on my previous work, while analyzing the significance of new international developments for global economic governance. One aspect of my new book that I find particularly interesting is the growing importance of regional, inter-regional, and ‘mega-regional’ economic cooperation, in areas such as trade, finance, and development. I am especially interested in recent political-economic dynamics in the Asia-Pacific region, including the consequences of international authority shifts and key regional economic and security issues. It has become a cliché to refer to this as the ‘Pacific Century’; but with the rapid economic growth of the Asia-Pacific, compared with a stagnating Europe and concerns about a declining U.S. international role under the Trump Administration, Asia-Pacific regional cooperation has become increasingly crucial for international relations and global governance.

Stay informed

  • e-Newsletter

    Receive e-alerts about new books and journal launches, events & offers

    Note to the studio editor

    Actions from the studio need to be interpreted by the displaying application and only certain ids are interpreted. When you see this text the id you entered is not mapped to the context where it is currently used in.

    Current ID: nba-subscription

    The following ids are possible as standalone widgets:

    mixed-products-recommended-short

    Shows a list of recommended books and journals with covers only.

    books-recommended

    Shows a list of recommended books (either given by ISBN, recommended via Baynote or the latest of the discipline). The viewtype can be default (covers, information, price) or carousel (cover, title).

    baynotePageType (string)
    Name of baynote page type for filtering.
    disciplineResourceKey (string)
    Suffix of the resource key that contains the headline for the page on e.g. the facet search page. Maintained in 'Frontend.ProductSearchPage@section.resultlist.facet.'.
    discipline (string)
    Name of the main discipline as given in the CMA channel name (EAST view).
    discipline (string_list)
    List of subjectcodes.
    isbns (string)
    List of isbns separated by comma.
    isbns (string_list)
    List of isbns.
    random (boolean)
    If checked the list is randomized.
    size (int)
    Number of products to show. If missing the default is 18. Isbn-based lists ignore the size.
    textbook (boolean)
    Defines whether the list contains textbooks
    checked
    Only textbooks are shown
    unchecked
    Only non-textbooks are shown
    missing
    Textbooks and non-textbooks are shown
    hideDynamicLink (boolean)
    If checked no link is built to the facet search.
    latest (boolean)
    Shows a list of matching products from the product index (not Baynote) with newest products first.
    imprint (string_list)
    Shows a list of matching products from the product index which match the imprints.
    language (string)
    Used for language as a filter in baynote recommendations
    productCategoriesOnly (string_list)
    List of product categories required in book recommendations
    productCategoriesExclude (string_list)
    List of product categories to be excluded in book recommendations
    seriesIDs (string_list)
    List of Series ids required in book recommendations

    journals-recommended

    Shows a list of recommended journals (manually maintained) with covers and title.

    journalNumbers (string)
    List of journal numbers separated by comma.
    random (boolean)
    If checked the list is randomized.

    series-recommended

    Shows a list of recommended bookseries (manually maintained) with covers and title.

    orderNumbers (string)
    List of order/series numbers separated by comma.
    random (boolean)
    If checked the list is randomized.

    disciplines-short

    Shows a list of disciplines without title.

    careers

    Shows a list of jobs open for different locations

    shop-usp-text

    Shows list of three USPs

    shop-advantages

    Shows list of advantages

    shop-trustpilot

    Shows three columns of trust pilot

    shop-disciplines

    Show a list of disciplines links

    show-books-newest

    Show a list of newest books

    shop-books-recommended

    Show a list of recommended books

    article-approval

    Author query article approval

    nba-subscription

    A widget that allows a user to subscribe to the NBA by entering his email address

    daily-deal

    Shows the daily deal in homepage design.

    The following ids are possible in the context of a Wizard-Collection:

    instructor-registration-setup-account

    Shows a registration form with instructor address information.

    instructor-registration-instructor-data

    Shows a registration form with instructor data information.

    instructor-registration-confirmation

    Shows a welcome message to the new instructor.