Global Political Economy After the Crisis

by Sadik Unay (Editor)

The established structural parameters of the global political economy underwent a profound transformation following the global economic crisis, which triggered a paradigmatic change in terms of both the theoretical underpinnings and practical formulations of mainstream approaches to macroeconomic management and development. Counter-cyclical fiscal policies and stimulus packages to spur dwindling growth, heterodox monetary and central banking policies to rescue financial institutions in distress, strategic trade policies to maintain international competitiveness and market share become increasingly widespread. Neo-Keynesian emergency measures almost became the global norm, rather than the exception, in most of the leading global economic powers. The authors seek to reply to the critical question of how the global governance structures, theoretical perspectives used to legitimize them, national policy patterns, and public policy attitudes affecting crisis response strategies were influenced by the unprecedented impact of the global economic crisis. The collection includes innovative pieces of analysis that looks at the ascendancy of multipolarity in the global system and perceptive changes on the BRICS; the shifting natures of macroeconomic management, central banking and global governance architecture through the empowerment of global platforms such as the G20, and more. This book carries the promise of offering the readers a fresh and insightful analysis on both the theoretical and practical manifestations of the ongoing structural transformation in the global system. As such, it will attract the attention of many contemplating the future trajectory of the global political economy after the crisis; as well as policy makers and practitioners focusing on the "global shift" towards emerging economies.