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The Governance Response to the Great Recession: The "Success" of the G20

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  • Jakob Vestergaard
  • Robert Wade

Abstract

Since its upgrading to heads of government level in late 2008, the G20 claims to be the steering committee for the world economy. It claims three specific big successes: stronger international financial regulation, including the Basel 3 Capital Accord; more effective macroeconomic coordination; and governance reforms of the Bretton Woods organizations. This paper challenges all three claims, but concentrates on the Basel 3 Accord. The modesty of the achievement leaves the world vulnerable to more multi-country financial crises, and testifies to the ineffectiveness of the G20 as presently constituted.

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  • Jakob Vestergaard & Robert Wade, 2012. "The Governance Response to the Great Recession: The "Success" of the G20," Journal of Economic Issues, Taylor & Francis Journals, vol. 46(2), pages 481-490.
    • Handle: RePEc:mes:jeciss:v:46:y:2012:i:2:p:481-490
    DOI: 10.2753/JEI0021-3624460223
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    Cited by:

    1. Robert Wade, 2013. "The Art of Power Maintenance," Challenge, Taylor & Francis Journals, vol. 56(1), pages 5-39.
    2. Al-Ubaydli, Omar, 2020. "Understanding How the Coronavirus Affects the Global Economy: A Guide for Non-Economists," MPRA Paper 99642, University Library of Munich, Germany.

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