The project ‘G20 Legitimacy and Policymaking’ (G20LAP) will examine whether the institutional shift in global economic policymaking from the G7 to the G20 has increased its democratic legitimacy and ability to accommodate discontent with economic globalisation. This project has received funding from the European Union’s Horizon 2020 research and innovation programma under the Marie Sklodowska-Curie grant agreement no. 845121.
The project investigates how we can explain the relation between more inclusive inputs to policymaking and its outcomes in terms of global financial governance. Ten years following the shift to the G20 and with a full policy cycle behind us, this question can be answered through a multi-methods approach of semi-structured elite interviews and network analysis. The main proposition of the project is that the dynamics of ‘club governance’ hamper substantive change as new members are socialized into conforming to patterns of groupthink. Nevertheless, policy changes can materialize if new topics enter the agenda framed within the boundaries of the existing ideational consensus. The strength of the existing consensus on any given subject should therefore predict to what extent the more democratic policymaking process is reflected in policy outputs.
The project has started in September 2019 and is conducted at the Sheffield Political Economy Research Institute, an international research institute at the University of Sheffield committed to developing and promoting new analysis and understanding of contemporary capitalism, and of the major economic and political challenges arising from it. The project will contribute to International Economics, International Relations, International Political Economy, and Political Science – as well as to the policy discussions on the urgent challenges facing the contemporary global financial system and global political economy more widely.
Blom, J. (2020) ‘The Institute of International Finance: From Poacher to Gamekeeper?‘ Business and Politics
‘Two-way street from Lobbyville: The Institute of International Finance in Financial Regulatory Processes‘ SPERI Blog, 14 October 2020
‘Économie politique, démocratie et l’Anthropocène‘ Etopia blog, 30 March 2020
‘Banking on Public Power: Lessons from the Institute of International Finance‘ TNI State of Power Report 2019