Global economic governance: a new regime through soft law?

Abstract

© 2015, International Relations Council of Turkey. All rights reserved. Since the onset of the current economic crisis, a global debate on the regulation of the new economic reality has intensified. Challenging three traditional governance assumptions (the Westphalian system of states, national policies and its hard-law norms), the paper will examine the activities of the Group of 20 towards developing a new global economic regime, drawing on aspects of the regime theory and global governance concepts. After analyzing three distinct models of supranational governance, the paper will show the relevance of soft law in successful implementation of new global norms.