The Impact of Regionalism and the Role of the G20
Edited by Jehoon Park, T. J. Pempel and Geng Xiao
Chapter 7: The G20 and the Role of Asia in the Future
Deok Ryong Yoon 7.1 INTRODUCTION The G20 has emerged as a new economic steering group through the crisis. The G20 played a vital coordination role during the 2008 global financial crisis and contributed clearly to preventing the expansion of economic recession in the world. As the global economy recovers, there is a growing concern about the weakening spirit of collaboration. Recently, the global economy faced the so-called ‘currency war’ which can be exports-aid through competitive currency devaluations. Almost all the member countries of the G20 were drawn into the war, criticizing each other. The Group of Twenty seems to be standing at a crossroads to becoming a global governance body. Even with the concern about the future of the G20, Bradford and Linn (2009) argue that the change of global governance to the G20 is based on broad and fundamental changes of economic environment. The factors that have driven the G20’s emergence are as follows. First, the shifting of the global demographic and economic balance has called for a new system of governance. After the Cold War ended, the eastern hemisphere joined the market economy. With globalization, large emerging economies such as China, Russia, India and Brazil have revealed themselves as new economic powers. The increasing influence of emerging economies shifted the economic balance from the developed economies to emerging economies. Second, the growing global interdependencies across borders and different economic sectors required global responses to the changes. Globalization has enlarged economic interconnectedness and deepened the impact of economic incidents...
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