Global Regime Change? Global Economic Institutions between Rising Powers and Economic Crisis

Abstract

Global economic institutions currently face a double challenge. Firstly, the rise of major developing countries such as the BRICS has precipitated a shift in wealth and power away from traditionally dominant states, and attention is quickly turning to the political implications of this power shift in numerous areas of global economic governance. Secondly, the global capitalism is undergoing the most significant financial and economic crisis since the Great Depression. The fact that these two processes are coterminous poses an added challenge to global economic institutions that, in the main, were created by and for the states of the capitalist West. This panel examines the nature and implications of these two challenges for the institutions of the global economy, and discusses these or closely related questions from a theoretical and/or an empirical perspective: - How does the rise of new powers affect the outcomes, structures and normative framework of international economic institutions? - What are the aims of rising powers regarding international economic institutions? - How does the current global economic crisis interact with the power-shift and changing institutional framework? - Are we witnessing a power-transition or a hegemonic decline, with an expected breakdown in international institutions, or is the existing hegemony enhanced? - Does the global financial and economic crisis exacerbate or diminish the role of rising powers in the politics of the global economy?

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