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Chapter

Cover The Politics of International Law

4. International organizations, states, and global governance  

This chapter evaluates global governance and how it relates to international law. It addresses the role of international organizations in processes of global governance, charting their rise from the nineteenth century onwards. Two international organizations exemplify semi-legalized governance beyond the state: the United Nations and the European Union. Sovereign states, of course, continue to play a central role in the institutions, processes, and mechanisms of global governance. The chapter then explores the extent to which a state’s power, influence, and legitimacy are affected by factors such as its domestic political arrangements and its adherence to the liberal, Western values that underpin the postwar order. It also assesses whether the proliferation of legalized and semi-legalized global governance regimes amounts to a constitutionalization of international relations.

Chapter

Cover The Globalization of World Politics

28. Global trade and global finance  

Matthew Watson

This chapter explores important issues in the conduct of global trade and global finance. In particular, it looks at how the Covid-19 pandemic has changed the experience of global trade and global finance in recent years. It asks why the global economy is so good at allowing some people to own untold riches while many others have too little money to meet basic subsistence needs, and whether the world would be better or worse off without the institutions of global economic governance. After discussing the globalization of trade and finance, the chapter considers the regulation of global trade and global finance. Two case studies are presented, one dealing with the Covid-19 vaccination programme and global economic recovery and another looking at US President Joe Biden's proposed global minimum corporate tax rate.

Chapter

Cover The Politics of International Law

7. Global economic and trade governance  

This chapter addresses the intersection of international law and international politics as it relates to global trade. To study global economic governance is to study international law, international relations, and international political economy (IPE) all at once. The chapter begins with a brief introduction to IPE, a discipline which seeks to understand the workings of the global economy in its political context. It examines the relationship between economic globalization and state sovereignty, before turning to the construction of the postwar global economic order, with a focus on the Bretton Woods institutions. The postwar global economic order has often been described as ‘liberal’ by virtue of its underlying assumptions and the ideological convictions of its framers. Importantly, the postwar liberal order was built by, and for, the developed countries of the Global North-a fact that has informed critiques emanating from the developing countries of the Global South. The chapter then assesses global trade governance, analysing the structure, powers, and role of the World Trade Organization.

Chapter

Cover The Politics of International Law

6. Global environmental governance and climate change  

This chapter focuses on the intersection of law and politics in global environmental governance. A key characteristic of global environmental governance is its fragmentation. The regulatory landscape is populated by a variety of hard and soft law regimes, institutions, processes, and actors, which address particular environmental challenges, or address them in particular ways. Yet there are core principles that are common to many of these regimes, including the precautionary principle, the prevention principle, the principle of common but differentiated responsibilities, and the concept of sustainable development. The chapter then turns to an in-depth analysis of global climate change governance. It traces the evolution of climate change governance from the creation of the UN Framework Convention on Climate Change in 1994 to the present, focusing on the major legal-institutional milestones of the 1997 Kyoto Protocol and the 2015 Paris Agreement. Finally, the chapter returns to the problem of fragmentation, considering recent attempts to bring greater unity and coherence to global environmental governance.

Chapter

Cover Politics in the Developing World

Introduction  

Lise Rakner and Vicky Randall

This edition examines the changing nature of politics in the developing world in the twenty-first century, with emphasis on the complex and changing nexus between state and society. It analyses key developments and debates, and this is illustrated by current examples drawn from the global South, tackling a range of issues such as institutions and governance, the growing importance of alternative politics and social movements, security, and post-conflict state-crafting. The text also discusses the Arab Spring and South–South relations and offers new case studies of Syria and the Sudan as well as China, India, and Brazil. This introduction considers the question of the meaningfulness of the Third World as an organizing concept, whether politics is an independent or a dependent variable, and a number of major interconnected global trends that have resulted in a growing convergence in the developing world. It also provides an overview of the organization of this edition.

Chapter

Cover Politics in the Developing World

11. Social Movements and Alternative Politics  

Siri Gloppen

This chapter examines how social movements in the developing world and ‘bottom-up’ alternative politics, supported by new technology and globalized networks, can strengthen democracy. It first traces the origins of social movements, showing how different forms of social movements have emerged and been influential during different periods, before discussing the main theoretical perspectives about why this is so and how we should understand this phenomenon. It then considers past and present social movements and alternative politics in the developing world, focusing on three categories: movements concerned with democracy and governance, movements concerned with identity politics, and movements concerned with social justice. It also describes the increasing globalization of social movements and explains what makes such movements successful.

Chapter

Cover The Globalization of World Politics

27. Global trade and global finance  

Matthew Watson

This chapter explores important issues in the conduct of global trade and global finance. It asks why the global economy is so good at allowing some people to own untold riches while many others have too little money to meet basic subsistence needs, and whether the world would be better or worse off without the institutions of global economic governance. After discussing the globalization of trade and finance, the chapter considers the regulation of global trade and global finance. Two case studies are presented, one dealing with the ongoing trade war between the US and China and the other with the effect of tax havens on overseas aid budgets. There is also an Opposing Opinions box that addresses the question of how far the institutions of global economic governance currently go to work specifically to the benefit of developing countries.

Chapter

Cover Global Political Economy

9. Financial Openness and the Challenge of Global Governance  

Louis W. Pauly

This chapter studies the globalization of finance. The world economy today reflects a systemic experiment involving, on the one hand, the unleashing of cross-border capital movements and, on the other, the dispersion of the political authority necessary to oversee and, when necessary, stabilize the markets through which vast amounts of capital now flow. Resulting tensions become most obvious during financial crises, when those flows suddenly stop or reverse their direction. In the late twentieth century, most such crises began in emerging-market or developing countries and had limited systemic consequences. In 2008, however, the global experiment capital market openness, now far along in its evolution, almost failed catastrophically when policy mistakes in the United States combined with large national payments' imbalances and a broad economic downturn to spawn a worldwide emergency. Shortly thereafter, Europeans at the core of the system narrowly escaped a similar disaster at the regional level. The chapter then explores key implications for contemporary global governance. It calls particular attention to the increasingly difficult and variegated politics of systemic risk assessment, emergency management, and future crisis prevention as the experiment continues.