The G20 and ad hoc embedded liberalism: economic governance amid crisis and dissensus

The September 2008 financial market collapse and subsequent world economic crisis have significantly influenced international scholarly debate, policy practice, and economic relations. The economic crisis has led experts and policy actors to redefine core aspects of economic governance. I analyze current competing perspectives on economic issues within the Group of Twenty (G20) and argue that discursive contestation has delegitimized previous neoclassical conventional wisdom, especially the efficient markets hypothesis. This has been rejected as a core principle of economic policy by industrialized and developing states, plus international fora. As a consequence, the bounds of rationality of individual actors and policy norms have been reconstituted. Also Keynesian policies have been implemented in important national and international contexts. I compare the contemporary situation with the post-war 'Bretton Woods era' of embedded liberalism, concluding that many recent national policies and the consolidation of international economic governance constitute an ad hoc embedded liberalism. Keywords: G20, Embedded Liberalism, Economic Governance, Keynesian, Neoclassical, Ordoliberal, Crisis, Bretton Woods, Multilateralism, Dissensus, Conventional Wisdom. El colapso de los mercados financieros en septiembre del 2008 y la subsecuente crisis economica mundial han influenciado significativamente los debates academicos internacionales, la practica legislativa y las relaciones economicas. La crisis economica ha obligado a expertos y actores politicos a redefinir aspectos fundamentales de la gobernanza economica. Analizo diferentes perspectivas sobre asuntos economicos dentro del Grupo de los Veinte (G20) durante este periodo y sostengo que el debate discursivo ha deslegitimizado paradigmas neo-clasicos anteriores, especialmente la hipotesis de los mercados eficientes. Esta ha sido rechazada como un principio fundamental de las politicas economicas por paises industrializados y en vias de desarrollo, ademas de foros internacionales. Como consecuencia, los limites de la racionalidad de los actores individuales y las disposiciones legislativas han sido reformulados. Ademas, las politicas keynesianas han sido implementadas en importantes contextos nacionales e internacionales. Comparando la situacion actual con la 'era Bretton Woods' de liberalismo incorporado de la posguerra, concluyo que muchas politicas nacionales recientes y la consolidacion de la gobernabilidad economica internacional constituyen un liberalismo incorporado ad hoc.
The Group of Twenty (G20) has become a key forum for international economic governance since 2008. It has been a significant focus for international attempts to resolve a series of [...]