The Rise of China: Continuity or Change in the Global Governance of Development?

Abstract

The global financial crisis of 2008 was a reflection point for global economic governance. The crisis, which started in the U.S. banking system and had a disproportionate impact on North America and Europe, provoked widespread contemplation of the legitimacy, relevance, and effectiveness of the core ideas, rules, and structures that have governed the world economy over the past century. In turn, the crisis also illuminated the emergence of new players, power dynamics, and paradigms that promise to challenge - if not fundamentally change - the characteristics of the institutional architecture that has governed international finance, trade, and development since the end of World War II.