The Global Economic Crisis and the Future of Neoliberal Globalization: Rupture Versus Continuity

The Global Economic Crisis and the Future of Neoliberal Globalization: Rupture Versus Continuity Global Governance 17 (2011), 469–488 The Global Economic Crisis and the Future of Neoliberal Globalization: Rupture Versus Continuity Ziya Önis ¸ and Ali Burak Güven This article outlines the main elements of rupture and continuity in the global political economy since the global economic crisis of 2008–2009. While the current calamity poses a more systemic challenge to neoliberal globalization than genetically similar turbulences in the semi-periphery during the 1990s, we find that evidence for its transformative significance remains mixed. Efforts to reform the distressed capitalist models in the North encounter severe resistance, and the broadened multilateralism of the Group of 20 is yet to provide effective global economic governance. Overall, neoliberal globalization looks set to survive, but in a more het- erodox and multipolar fashion. Without tighter coordination between old and emerging powers, this new synthesis is unlikely to inspire lasting solu- tions to pressing global problems such as an unsustainable international fi- nancial architecture and the pending environmental catastrophe and may even fail to preserve some modest democratic and developmental gains of the recent past. KEYWORDS: global economic crisis, neoliberal globalization, G-20, models of capitalism, emerging markets. Economic and political tectonic plates are shifting. We can shift with http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Global Governance: A Review of Multilateralism and International Organizations Brill

The Global Economic Crisis and the Future of Neoliberal Globalization: Rupture Versus Continuity

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Publisher
Brill
Copyright
Copyright © Koninklijke Brill NV, Leiden, The Netherlands
ISSN
1075-2846
eISSN
1942-6720
D.O.I.
10.1163/19426720-01704005
Publisher site
See Article on Publisher Site

Abstract

Global Governance 17 (2011), 469–488 The Global Economic Crisis and the Future of Neoliberal Globalization: Rupture Versus Continuity Ziya Önis ¸ and Ali Burak Güven This article outlines the main elements of rupture and continuity in the global political economy since the global economic crisis of 2008–2009. While the current calamity poses a more systemic challenge to neoliberal globalization than genetically similar turbulences in the semi-periphery during the 1990s, we find that evidence for its transformative significance remains mixed. Efforts to reform the distressed capitalist models in the North encounter severe resistance, and the broadened multilateralism of the Group of 20 is yet to provide effective global economic governance. Overall, neoliberal globalization looks set to survive, but in a more het- erodox and multipolar fashion. Without tighter coordination between old and emerging powers, this new synthesis is unlikely to inspire lasting solu- tions to pressing global problems such as an unsustainable international fi- nancial architecture and the pending environmental catastrophe and may even fail to preserve some modest democratic and developmental gains of the recent past. KEYWORDS: global economic crisis, neoliberal globalization, G-20, models of capitalism, emerging markets. Economic and political tectonic plates are shifting. We can shift with

Journal

Global Governance: A Review of Multilateralism and International OrganizationsBrill

Published: Aug 12, 2011

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