Bulletin n. 2-3/2012
October 2012-February 2013
CONTENTS
  • Section A) The theory and practise of the federal states and multi-level systems of government
  • Section B) Global governance and international organizations
  • Section C) Regional integration processes
  • Section D) Federalism as a political idea
    • Luckhurst Jonathan
    The G20 and ad hoc Embedded Liberalism: Economic Governance amid Crisis and Dissensus
    in Netherlands International Law Review , Volume 59, Issue 3 ,  2012 ,  740-782
    The September 2008 financial market collapse and subsequent world economic crisis have significantly influenced international scholarly debate, policy practice, and economic relations. The economic crisis has led experts and policy actors to redefine core aspects of economic governance. I analyze current competing perspectives on economic issues within the Group of Twenty (G20) and argue that discursive contestation has delegitimized previous neoclassical conventional wisdom, especially the efficient markets hypothesis. This has been rejected as a core principle of economic policy by industrialized and developing states, plus international fora. As a consequence, the bounds of rationality of individual actors and policy norms have been reconstituted. Also Keynesian policies have been implemented in important national and international contexts. I compare the contemporary situation with the post-war “Bretton Woods era” of embedded liberalism, concluding that many recent national policies and the consolidation of international economic governance constitute an ad hoc embedded liberalism.
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