Abstract

The global political economy is undergoing a moment of profound change and upheaval, precipitated by the recentering of the global economy back toward Asia, where it had traditionally been until the shock of colonialism and European industrialization. China, in particular through decades of sustained, rapid economic growth and domination of global manufacturing capacity, has greatly increased its influence over international affairs. This work explores some of the challenges generated by China and the other ‘rising powers’, including increased military and diplomatic confrontation, the erosion of core norms that underpin key institutions of economic governance and the creation of new institutions that may undermine the existing framework of global economic governance. The work reflects on the future of global political economy and questions the basis of the existing set of approaches, norms and institutions of global governance, whom they were created to benefit, and the extent of their claims to legitimacy.