Abstract
Among the deficiencies demonstrated by the world financial crisis of 2008–9, one was the limited capacity of G-8 to provide for global economic governance. The developed economies quickly realised that they should seek joint solutions and coordinated policies in cooperation with the leading emerging-market economies. As a result, the G-20 turned into the main forum for managing the crisis. This in fact pointed to an early institutional acknowledgement that important changes were underway in the global distribution of power. These changes derive from the substantially higher growth rates of the emerging-market economies in comparison with those of the developed economies, a trend named ‘the rise of the rest’ (Zakaria, 2008, pp. 2–3).
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© 2012 Konstantinos Karamanlis Institute for Democracy, Athens
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Tzifakis, N. (2012). Change in International Politics: An Introduction to the Contemporary Debate. In: Tzifakis, N. (eds) International Politics in Times of Change. The Konstantinos Karamanlis Institute for Democracy Series on European and International Affairs. Springer, Berlin, Heidelberg. https://doi.org/10.1007/978-3-642-21955-9_1
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