Umbrüche in der Weltwirtschaft: Aufstrebende Schwellenländer und der Niedergang von IWF und WTO

Abstract

Abstract

Changes in the world economy: Emerging nations and the decline of the IMF and WTO.

A sea change is taking place: the rise of China, India and other emerging nations is restructuring the world economy and international relations. This article presents a general overview of the current debates surrounding these changes. Using the theoretical approaches of Susan Strange and of World Systems analysis, it is argued that the rise of the semi-periphery, in the areas of global finance and production, is having an impact on the shape of economic global governance. The WTO and the IMF are experiencing a profound crisis, as new forms of South-South cooperation, like the IBSA-Dialogue Forum and alternative regional governance institutions, such as the ALBA, are emerging. In light of this, it is concluded that a new wave of protectionism could come to affect the world economy.