Steering towards reglobalization: can a reformed G20 rise to the occasion?

Abstract

This paper makes three arguments. First, it provides an embryonic blueprint for ‘reglobalization’ by crystallizing the insights of the special issue. We can and should build a better globalization that addresses enduring inequality, based on a radical analysis cognizant of the partiality, fragility and incompleteness of the existing global governance architecture, and which seeks to expand, upgrade and democratize the multilateral order. Second, following a post-financial crisis interregnum replete with morbid symptoms, the Covid-19 shock potentially represents the dénouement of a long period of neoliberal decay, after which different approaches to globalization will be necessary. Finally, only a reformed G20 can provide the crucial coordinating function that any process of progressive reglobalization requires, with three necessary reforms: its proper institutionalization with a permanent Secretariat; a widening of its remit to cover all aspects of contemporary globalization; and a concomitant narrowing of its focus to discharge aggressively that specific coordinating function.