G20 Since the Global Crisis
G20 Since the Global Crisis by Jonathan Luckhurst, published by Palgrave Macmillan US on April 22, 2016, offers a detailed analysis of the Group of Twenty (G20) in the aftermath of the 2008 financial crisis. This 300-page book examines how the crisis challenged traditional governance norms and led to a more contested international economic landscape. It discusses the cooperative efforts of G20 leaders to address the crisis, emphasizing their awareness of interdependence and the rising significance of developing nations in global economic discussions.
Readers will find an exploration of the new norms established for financial governance, including macroprudential regulation and the Basel III Accords. The book delves into the differing perspectives on the crisis’s causes and effects, such as the debate over economic austerity versus fiscal stimulus, and the implications of monetary policies and “currency wars.” Luckhurst argues for the continued relevance of G20 cooperation in international relations and its role as a central hub in global governance networks, despite skepticism regarding its effectiveness.
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This book analyzes the Group of Twenty (G20) since the 2008 financial crisis. The latter event undermined conventional wisdom and governance norms, constituting a more contested international economic regime. G20 leaders sought a cooperative response to the 2008 crisis through the forum, aware of their interdependence and the growing economic importance of key developing states. They agreed to new norms of financial governance based on macroprudential regulation, the Basel III Accords, and enhanced multilateral cooperation. They prioritized G20 cooperation for achieving international economic stability and growth. Differences exist over causes and effects of the crisis, including on the merits of economic austerity or fiscal stimulus strategies; on responsibility for and solutions to international economic imbalances; and concerns about monetary policies and “currency wars”. Despite claims from skeptics that G20 cooperation is declining, this book argues its importance for international relations and as a hub of global governance networks.
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