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Lecture 6

POLSCI 2J03 Lecture Notes - Lecture 6: 1997 Asian Financial Crisis, Washington Consensus, Susan Strange

Political Science
Course Code
Richard Mc Master

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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
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
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