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Academic Foundations of Global Economic Governance – an Assessment

The concept of global economic governance can be used to describing the prevailing global order and the most appropriate way of redefining the actual economic system. This concept is interesting not only because of the growing literature and interest in finding a proper definition, but more in challenging the limits of traditional international relations theories to explain a world where the shape and the role of individual states is changing. Even if particular theoretical paradigms try to emphasize specific characteristics of global governance, no one has been able to capture the complexity of this subject. Thus, the conceptualization of global economic governance requires a combination of particular aspects of different theories, which are deficient independently speaking, but together they can explain power, order, norms and change in world order. Objectives: This paper provides a critical analysis of the theoretical literature on global governance, especially in what regards liberalism, realism and constructivism, considered to be major theories in defining international relations concepts. Each paradigm is analyzed according to the key themes in order to define the main aspects of global governance. Prior Work: It has been tried to emphasizing the concepts already developed by known researchers in the field. Approach: The approach is a more theoretic one done in a comparative manner with emphasis on results and future research. The critical method approach is done with qualitative results. Results: The key results are related to theoretical foundations of defining the paradigm of global governance, as well as presenting a comparative approach of the most important features. Implications: The implications are varied in terms of studying the concepts and addresses researchers in the field, but also lecturers and students. Value: The main added value is the critical and subjective analysis of international relations’ economic theories in terms of defining the paradigm of global economic governance.