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G20 Since the Global Crisis pp 23–61Cite as

Palgrave Macmillan

Strategic Economic Effects of the GFC

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Abstract

This chapter focuses mainly on the international strategic economic effects of the GFC rather than on its causes. It analyzes how strategic effects of the GFC affected the capacity of political actors to influence international relations. Research of strategic economic relations in combination with ideational, normative, and socialization analyzes international strategic consequences of the GFC, especially due to material economic and political effects. This includes a focus on economic interdependence, an important aspect of international relations effects of the GFC which is crucial for understanding the contemporary importance of the G20. The leverage of national governments, in the G20 and international relations more broadly, is affected by the consequences of these factors in international and domestic politics.

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Notes

  1. 1.

    The term itself was first coined by Andrew Rozanov (2005) a decade ago.

  2. 2.

    To avoid confusion, here I am not referring to the other Anglo-Saxon economies of the G20, namely, Canada and Australia, which fared better than the British and US economies during the GFC.

  3. 3.

    Congressional politics compelled Obama reluctantly to accept ‘budget sequestration’ in March 2013. This was a set of austerity measures intended to slow the growth of the US Federal deficit.

  4. 4.

    Documents and public statements from the Chinese government support this claim (see CICETE 2015; UNOSSC 2015; Xinhua 2014).

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  1. University of Guadalajara, Guadalajara, Jalisco, Mexico

    Jonathan Luckhurst

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Luckhurst, J. (2016). Strategic Economic Effects of the GFC. In: G20 Since the Global Crisis. Palgrave Macmillan, New York. https://doi.org/10.1057/978-1-137-55147-4_2

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