EVOLUTION OF VIEWS ON THE CATEGORY "GLOBAL ECONOMIC GOVERNMENT" AND ITS REGIMES

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EVOLUTION OF VIEWS ON THE CATEGORY "GLOBAL ECONOMIC GOVERNMENT" AND ITS REGIMES

Journal Title: Проблеми системного підходу в економіці - Year 2018, Vol 5, Issue 67

Abstract

The category of “global economic governance” has become relatively commonplace recently, although the need to develop a unified approach has already existed for a long time. The gap between the pace of global economic development and the legal and institutional framework laid the preconditions for the global financial and then the economic crisis of 2007–2008. Preliminary terms such as: “supranational government”, “global government”, “international governance”, etc. no longer fully correspond to the requirements advanced by the modern global economy characterized by complexity, multi-hierarchy of processes, the interconnectedness of its subjects and objects, dynamism, to their leaders.Current approaches to managing global economy are characterized by a lack of perspective in decisions taken, one-sided approach to management in terms of Centre-Periphery, East-West, North-South, due to the continuing complication of the nature of economic processes taking place in the global economy and the blurring of economic boundaries between countries and regions of the World, and the boundaries of power.The study of the views of economists-theorists on what constitutes the essence of “global economic governance” and its regimes certainly has theoretical significance, as it allows determining the related categories, and practical significance, because it makes it possible to determine the main characteristics of the implementation of such a government.The article is devoted to the analysis of theoretical views on global economic governance. Concepts, such as: summitry, transgovernance, collectivism of the global economy, etc. are considered. Based on the work of domestic and foreign scientists, a qualitative assessment of the evolution of the category "global economic governance" is provided. The category of "global economic governance" was investigated by such economists as: Reznikova N.V., Scholte J., Ford O., Liebman A.M. etc. Almost all authors noted that due to the fact that institutional provision of economic globalization remained very precise, international organizations were too weak to fulfill their functions in the conditions of rapid economic expansion, there were significant gaps in the safe functioning of the free market in the face of tireless economic liberalization. It has been shown in the article that the economic category of "global economic governance" has evolved from pure management provided by international organizations and leading countries to the network economic governance and other hybrid forms, as a process involving various economic actors. Such a development in the sense of global economic governance was ensured, first and foremost, by the complexity of global economic governance and the new challenges the global governance system faced. The article provides a comparative analysis of the regimes of global economic governance available at the present stage and those suggested by Kudrin and Williamson. The first more closely matches the realities of the nowadays and the essence of the processes which take place in the global economy, the existence of the latter in 1996 could’ve been discussed only under the condition of severe assumption.

Authors and Affiliations

A. V. Kobylianska

Keywords

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EP ID EP512226
DOI 10.32782/2520-2200/2018-5-3
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