Since the end of the Cold War, international economic relations have undergone profound transformations. Systemic, sectoral, political, economic, and technological shifts have reshaped the global landscape, challenging the notion of an "end of history." The rise of new economic powers has questioned the liberal institutionalism that underpinned post-World War II global governance, reviving the conflictual and realist dimensions of international economic and political relations. Despite increased interconnectedness, the world remains fraught with challenges and areas of friction.
Hyperglobalization has exacerbated these dynamics, leading to successive economic and financial crises—both global and regional—as well as food and health crises. At the same time, deepening ecological degradation threatens to undermine the economic and human development gains made over the past three decades. This context has brought increased scrutiny to the responsibility within global supply chains, especially in light of growing political polarization.
In today’s fragmented political world, addressing global challenges requires unprecedented levels of global coordination and cooperation. Issues such as climate change, economic instability, and health pandemics transcend national borders and demand effective global governance structures. The complexity of these challenges highlights the need for new approaches to governance that can manage and integrate diverse interests and values across nations.
This panel seeks to examine these transformations through three critical lenses: the purpose, forms, and substance of global governance. First, what values and social objectives should guide global governance in this evolving landscape? Second, how should multilateral collective action be organized to effectively address emerging challenges in a fragmented political environment? Third, what principles should underpin this collective action, and how can diverse interests, preferences, and values be integrated into effective governance mechanisms?
We invite researchers to submit original papers that address these questions, providing fresh insights into the transformation of global economic governance. The panel aims to explore the interplay between structural processes within the international political economy—such as shifting power hierarchies and rising global challenges—and the strategies and institutional transformations resulting from these interactions.
