The System Worked_How the World Stopped Another Great Depression by Daniel W. Drezner

Author:Daniel W. Drezner
Language: eng
Format: epub
Publisher: Oxford University Press
Published: 2014-05-02T00:00:00+00:00

Since the start of the Great Recession, China’s behavior has reinforced rather than subverted the existing set of global governance rules. China was a supporter and not a spoiler.

There is one final aspect of the post-2008 distribution of power that aided in the functioning of global economic governance. It is certainly true that the post-2008 hegemonic coalition was larger and more heterogeneous than the pre-2008 coalition. The cumulative effect of such a power shift, however, is to reinforce preexisting policies in the absence of any overwhelming consensus for change. Because changing the status quo becomes hard for all actors, such change is more likely to persist. In the case of global economic governance, this path-dependent effect was fortuitous. Pre-crisis global economic governance was already locked in with a bias toward greater openness. The response to the crisis was crafted with the assumption that this openness was locked in. The erosion of coercive power made it difficult for any actors eager to dislodge Washington Consensus norms to actually do so.

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