The G-20 since the global financial crisis: Neither hegemony nor collectivism

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Abstract

This article analyzes the sources of gridlock in the Group of 20 since the
global financial crisis. It engages with this question through Mark Beeson
and Stephen Bell’s framework, which identifies two processes of socialization
operating concurrently within the G-20: hegemonic incorporation and collectivist cooperation. While hegemonic incorporation seeks to socialize the rising Southern powers into the US-led world order, their inclusion over time drives the G-20 toward more collective and cooperative forms of global governance. The article argues that the GFC has altered this equation in two ways: by accelerating the shift of economic power from the North to the South, and by undermining the hegemony of neoliberalism in the South. These two developments have made the United States less willing to offer the concessions necessary for hegemonic incorporation while, at the same time, bolstering the confidence of the Southern powers. Consequently, the article proposes that both hegemonic incorporation and collectivist cooperation are undermined, leading instead to gridlock and fragmentation. The article illustrates this argument through a case study of the gridlock surrounding the issue of global imbalances.
Original languageEnglish
Pages (from-to)205-223
Number of pages19
JournalGlobal Governance
Volume23
Issue number2
DOIs
Publication statusPublished - 1 Apr 2017

Keywords

  • G-20
  • Global South
  • hegemony

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