Handbooks of Research on International Political Economy series
Edited by Anthony Payne and Nicola Phillips
Chapter 5: Flexible 'G groups' and network governance in an era of uncertainty and experimentation
In 1998 a small group of advanced countries - the Group of Seven (G7) - determined the resolution and response to a financial crisis emanating from emerging economies (the so-called Asian financial crisis). Ten years later, in an almost exact reversal of that earlier pattern, a mixed group of advanced and emerging economies - the Group of Twenty (G20) - presided over the response to a financial crisis that began in the world's core North Atlantic financial centres. This apparent positional swap was a potent symbol of the way the governance of the international political economy had progressively changed during the first decade of the twenty-first century. The rise of the G20 and its displacement of the G7 (later G8) as the pre-eminent global economic governance forum provides a vivid illustration of how the status, standing and preponderance of advanced core countries has been challenged by a number of rising powers. At the Pittsburgh G20 leaders' summit of September 2009, a formal announcement was made that the G20 had moved from being a low-key network of finance ministry and central bank officials to a headline-grabbing leaders-level network: 'the world's premier forum for global economic cooperation' (G20 2009). The term 'G groups' refers to a regular rhythm of meetings amongst groups of countries either at leaders' level (summits) or through a series of interactions between finance ministry and central bank personnel.
You are not authenticated to view the full text of this chapter or article.
Elgaronline requires a subscription or purchase to access the full text of books or journals. Please login through your library system or with your personal username and password on the homepage.
Non-subscribers can freely search the site, view abstracts/ extracts and download selected front matter and introductory chapters for personal use.
Your library may not have purchased all subject areas. If you are authenticated and think you should have access to this title, please contact your librarian.