The G20, the Crisis,and the Rise of Global Developmental Liberalism

The emergence of the G20 leaders' meeting during the recent global financial crisis as the ‘premier forum for international economic cooperation’ reflects a significant shift of hegemony over global governance towards the emerging economies but does not challenge the authority or objectives of the international financial institutions. On the contrary, successive G20 initiatives, culminating in the adoption of the Seoul Development Consensus for Shared Growth in November 2010, reveal both a further strengthening of the already close institutional relationship between the G20 and the Bretton Woods institutions and a strong shared commitment to a developmental form of global liberalism. This article charts the ascendancy of emerging economy perspectives through the lens of the G20, maps their ties to the imf and other international organisations, sets out the content of the new global developmental liberalism, and assesses the implications of emerging economy hegemony for the advanced and the emerging economies, respectively.