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Economic Multilateralism: A Search for Legitimacy and Coherence in the Early Twenty-first Century

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State, Globalization and Multilateralism

Part of the book series: United Nations University Series on Regionalism ((UNSR,volume 5))

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Abstract

The chapter identifies a traditional twofold definition of global economic governance as effectiveness and efficiency on the one hand and accountability and representation on the other. Such a bifurcation is argued to be inappropriate, indeed deficient, if economic multilateralism is to be effective, coherent and legitimate in the twenty-first century. The hegemony of governance as effectiveness and efficiency (essentially an economic definition) will not long survive in the absence of an integration with an understanding of governance as the necessary representation of legitimate actors into this process, the enhanced accountability of the international economic institutions within and emerging global polity in an era of increasing global economic crisis. The chapter offers some reformist insights into how this integrative process might be taken forward but offers a pessimistic judgement on the prospects for success.

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Notes

  1. 1.

    We should note that the GATT, in contrast to the IMF and World Bank, was initially a set of bargained agreements rather than an organisation. It was its metamorphosis into the WTO that finally established organisational structure.

  2. 2.

    There was also a broader theoretical agenda emerging on the role of institutions such as GATT as a locus for bargaining trade liberalisation and ensuring compliance. It cannot be reviewed here; but for discussion, see WTO (2007, pp. 35–98) and Martin (2006, pp. 59–65).

  3. 3.

    The literature on the growth of regional economic institutions, especially preferential trading arrangements, is vast. For a review, see the Warwick Commission (2007, pp. 45–53) and Frankel (1997).

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  1. Office of the Vice Chancellor, Murdoch University, Perth, 6150, Western Australia, Australia

    Richard Higgott

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  1. Richard Higgott
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  1. , Institut d'Etudes Européennes, Université Libre de Bruxelles, avenue F D Roosevelt 39, Bruxelles, 1050, Belgium

    Mario Telò

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Higgott, R. (2012). Economic Multilateralism: A Search for Legitimacy and Coherence in the Early Twenty-first Century. In: Telò, M. (eds) State, Globalization and Multilateralism. United Nations University Series on Regionalism, vol 5. Springer, Dordrecht. https://doi.org/10.1007/978-94-007-2843-1_4

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