analytical Essay
1613 words
1613 words

Since the onset of the current economic crisis, a global debate on the regulation of the new economic reality has intensified. Starting with three basic assumptions (the Westphalian system of states, national policies and its hard-law norms), the paper will examine the activities of the Group of 20 towards developing a new global economic regime, from the aspects of the regime theory and global governance concepts. Upon analyzing three distinct models of transnational governance, the paper will show the relevance of soft law in successful implementation of new global norms. INTRODUCTION The current economic and financial crisis has resulted, inter alia, in various ideas, plans and proposals how to revise the existing structure of or devise a new, global economic management model. Despite of a plethora of the ideas, stemming from multiple and diverse interests, not many of them have been elaborated afterwards. However, most of the proposals converge around two basic dilemmas: how to create a governing /managing structure and norms for the global economy, and how to devise a system to have the agreed norms implemented in practice. Should this integrated and interconnected world be regulated by one global authority or a group of national authorities who would agree on basic regulatory aims and principles – thus avoiding or better managing future crisis? This paper will examine the efforts of international community, exemplified by the Group of 20 (G20), since the beginning of the crisis in order to challenge three basic but common pillars of the traditional governance concepts. First, the Westphalian order and system of states still dominates both practice and theory of international relations. So, the issue is whether the nation st... ... middle of paper ... of the European Community Law: Institutions, Processes, Tools and Techniques”, in: Terence Daintith (ed.), Implementing EC Law in the UK: structures for indirect rule, Chichester, West Sussex ; New York : J. Wiley, 1995. Sorensen, Georg, “What Kind of World Order? The International System in the New Millennium”, Cooperation and Conflict, 41, 2006, p. 343-363. Trubek, David, M. Cottrell, and Mark Nance, “Soft Law Hard Law and European Integration: Toward a Theory of Hybridity”, University of Wisconsin Legal Studies Paper, No. 1002, 2005. Underhill, Geoffrey and Xiaoke Zhang, “Norms, Legitimacy, and Global Financial Governance”, WEF 0013, 2006, London: University of London. Vuletić, Dominik, “Pravni aspekti Lisabonske strategije i budući izazovi-razrada s motrišta pravne prirode mekog prava (soft law)”, Zbornik Pravnog fakulteta u Zagrebu, 3/2011, Zagreb, 2011.

In this essay, the author

  • Explains that the paper will examine the activities of the group of 20 towards developing a new global economic regime, from the aspects of regime theory and global governance concepts.
  • Explains that the current economic and financial crisis has resulted in various ideas, plans and proposals how to revise the existing structure of or devise a new, global economic management model.
  • Explains that the methodology used in the research programme will feature its negative heuristic. the regime theory and governance concepts will be analyzed against the current crisis environment and the three basic assumptions.
  • Explains that since the crisis outbreak in september 2008, a plethora of political ideas, plans, statements, and declarations were made on the causes, effects and prospects of the current crisis.
  • Concludes that a new global/transnational social space is coming into being, wherein actors can choose between different, multiple equilibria and potential outcomes.
  • Explains that rosenau's definition of global governance includes systems of rule at all levels of human activity. karns and mingst (2009) apply a thorough analysis of the concept.
  • Explains that regulation belongs to the (national) state domain and few international economic arrangements (e.g. bretton woods) have been effective.
  • Explains that regime theories are useful when politics focuses specific issues or issue areas, such as cross-border financial regulation or the current economic crisis.
  • Opines that abbott, kenneth, and duncan snidal, “hard and soft law in international governance”, international organization.
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