Global Economic Governance

This chapter offers a comprehensive analysis of the legal and institutional frameworks that underpin global economic governance. It focuses on the governance of the international monetary and financial system, alongside trade and investment, examining the roles of key actors such as states, international organizations, non-governmental organizations, and transnational corporations. Offering an interdisciplinary perspective at the intersection of law and international political economy, the chapter traces the evolution of global economic governance across recent decades, marked by significant geopolitical shifts and multiple crises. These have converged into an era of ‘polycrisis’, a term that encapsulates the juxtaposition of several simultaneous emergencies, including financial instability, sovereign debt crises, the Covid-19 pandemic, wars, and climate change. By dissecting how these transformations are connected to the legal and institutional frameworks of global economic governance, the chapter advocates for enhanced coordination to establish a new international economic order that not only effectively addresses the overlapping crises of the present but also promotes sustainable development for all.