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Toward normative fragmentation: An East Asian financial architecture in the post-global crisis world

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  • Injoo Sohn

Abstract

This article argues for a pluralist, integrative, ‘post-Washington Consensus’ view of an East Asian financial architecture in the post-global crisis world. What are the key architectural problems and how might such problems be resolved? The article aims to address these general questions and to develop a policy-applicable theory about a post-crisis regional financial architecture by focusing on the case of East Asia. The generic problems identified in the study include sovereignty, power struggles, structural diversity, collective action problems and weak regional identity and norms. Herein, I present a conceptual model of logically possible solutions to such problems, which comprises principled minimalism and host regulation, decomposition and issue linkage, and informal intermediaries. The proposed solutions reflect and reinforce the normative fragmentation and decentralization of global financial governance in the twenty-first century.

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  • Injoo Sohn, 2012. "Toward normative fragmentation: An East Asian financial architecture in the post-global crisis world," Review of International Political Economy, Taylor & Francis Journals, vol. 19(4), pages 586-608.
    • Handle: RePEc:taf:rripxx:v:19:y:2012:i:4:p:586-608
    DOI: 10.1080/09692290.2011.613350
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    Cited by:

    1. Anna Aseeva, 2018. "(Un)Sustainable Development(s) in International Economic Law: A Quest for Sustainability," Sustainability, MDPI, vol. 10(11), pages 1-30, November.
    2. Thomas Hale & David Held & Kevin Young, 2013. "Gridlock: From Self-reinforcing Interdependence to Second-order Cooperation Problems," Global Policy, London School of Economics and Political Science, vol. 4(3), pages 223-235, September.

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