Can Global Governance Prevent the Coming Crisis?

Abstract

Serious problems undermine the current regime of global governance and create a significant ‘global governance deficit’. They have not been solved by the G20, the self-styled steering committee of global economic governance, even though the latest G20 summit in 2016, held for the first time in China, did promote a new ‘Hangzhou Consensus’ that constituted at the very least a marker on behalf of the cause of more inclusive growth. Actually existing global governance is simply not strong enough to avert a further global economic crisis by its means. It is also now caught between conflicting ‘reglobalisation’ and ‘deglobalisation’ political pressures.