Abstract
This chapter analyzes consequences of decentralizing authority for the shifting organizational framework of the global economic architecture. It indicates that relative strategic decline of the United States has further accelerated since the GFC. Organizational effects have been evident in formal and informal contexts. The G20 became the most crucial informal forum for decentralizing authority, though the BRICS forum also contributed significantly to this process. New IFIs also have significantly contributed to this decentralizing authority, by constituting alternative organizational platforms, especially for leading developing states to have greater influence. These new organizational contexts of global economic governance also contributed to decentralizing international authority on core policy principles, norms, and practices, thus undermining the organizational influence of the Bretton Woods institutions and the Washington Consensus.
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Notes
- 1.
This IMF reform was eventually implemented following the much-delayed U.S. congressional ratification in December 2015.
- 2.
Interview with the author, June 2015.
- 3.
The UN’s Paris climate agreement occurred at the 21st Conference of the Parties to the United Nations Framework Convention on Climate Change.
- 4.
Interview with the author, August 2015.
- 5.
Interview with the author, July 2015.
- 6.
Interview with the author, July 2015.
- 7.
The Russian G20 Sherpa Svetlana Lukash commented, in an interview with the author in June 2015, that her government remained committed to cooperation with the Bretton Woods institutions.
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Luckhurst, J. (2018). Global Economic Governance Since the Global Financial Crisis. In: The Shifting Global Economic Architecture. Palgrave Macmillan, Cham. https://doi.org/10.1007/978-3-319-63157-8_3
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