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Lecture 6

Political Science 2j03 Week 6 LEcture 1.docx

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McMaster University
Political Science
Richard Mc Master

Governing the GPE (Global Governance) - Essay will be handed back by the exam on Wednesday Is there a need for governance?  Governance comes out of critique of Liberals o Free market allocating resources in the most efficient way possible decreases authority and power will begin to dissipate  Observation on authority and power in global politics o Authority just doesn’t disappear as u open up markets. As markets become liberalized, you create more of a power vacuum,. She suggests that politics – other political actors will rush to try and fill those power vacuums that are created with the opening of markets and these units are transnational corporations and will be able to exercise power and authority in the market which has political effects (ex. lobby groups) This actually calls for global governance, some structure that can balance the power of these corporations. This can be done by international governance– Susan strange o Ex of international institutions trying to emerge in wake of fear of liberalizing markets is the g8 (originally the g6) in 1975  Included France, UK, Italy, W German, Japan, and US  Decline of US that is bound up with the US going through Nixon shocks, greater inclusiveness and return to consensus  Way of gathering international consensus around global order o G7 in 1976  Includes Canada o G8 1997  Russia + European Union  After fall of Berlin Wall and Collapse of soviet union  Work towards World order  Focus on Economic Issues, but also about great power politics  weren’t just about finance and currency stability but involved with united nations , concerned with the human security agenda  G8 debate – June 2012, Huntsville Ontario  Between deficit hawks and Deficit spenders  Hawks o Austerity measures o Approach to global financial crisis o Don’t want to spend their way out of recession o Debt is the main structural causes f the global financial crisis o Germany/UK o Had slightly different concerns than US  Large baby Boomer population/aging workforce (What will pensions do to the debt, people don’t perceive ability to pay the pensioners, may need to overhaul a generous welfare state)  Former generous welfare states being overhauled  Politically unpopular  Greatest fear = inflation  Deficit Spenders o Belief that the market may not correct itself in times of recession however actors must inject liquidity and capitol– Keynesian economics o Spend, this can only be combatted through investment of the state o Greatest fear is unemployment  G8 has grown before, why not again?  Why isn’t there any China, India, Spain, African, Latin America?  Keep G8 as international group for global governance but create a Group of 20 o Group of 20 - 1999  Following the 1997 Asian financial crisis  Reopened the debate on political economy  Questioning of Washington Consensus  Mercantilist/Statist: The East Asian markets left exposed after opening up of the developmental state o They believe the reason for the crisis is due to
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