The Dynamics of Inclusion and Exclusion
Edited by Peter Mooslechner, Helene Schuberth and Beat Weber
Chapter 1: Theorizing Governance in a Global Financial System
1. Theorizing Governance in a Global Financial System Geoffrey R.D. Underhill∗ Although the word ‘governance’ has been recorded as part of the English language since the 1300s,1 it has only recently entered the vocabulary of policy studies and political economy. In the absence of systematic research into the matter, one may suggest that certainly since the work of Rosenau and Czempiel in 1992,2 the term has found a consistent place in the international relations and political economy literature.3 If the concept did not exist, it would certainly need to be invented. It attempts to capture the idea that not all political and/or regulatory authority is exercised through the formal decision-making channels or formal institutions of government. This is particularly true of the international domain, where there is no formal agreement on overarching patterns of political authority, no government. At the domestic level many governance functions have traditionally been assumed by private or other non-state actors which lie outside official constitutional and party systems, and at the global level non-state actors and authority abound as the process of global economic integration proceeds.4 This has long been the case in the process of financial governance. 5 In other words, the concept of governance indicates that the common assumption that formal state institutions of ‘sovereign’ entities have a monopoly on the exercise of political authority requires adjustment. If concepts require adjustment, it is likely that the practices based on these concepts will, too. This article aims to assess the literature on...
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