Will Major Cities Continue to Shape Global Economic Governance?
Global cities have been pivotal in neoliberal economic governance, but their role is under strain due to geopolitical shifts, state interventionism, and challenges like climate change and the rise of China. The future of global cities in economic governance is uncertain.
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| Quick Facts | |
|---|---|
| Report location: | source |
| Language: | English |
| Publisher: | Carnegie Endowment for International Peace |
| Authors: | Simon Curtis, Ian Klaus |
| Geographic focus: | Global |
| Publication date: | December 2024 |
Methods
The research employs a historical and analytical approach, examining the role of global cities within the context of neoliberal economic governance and geopolitical shifts. It analyzes past and present trends to understand potential future configurations of global economic governance.
(Generated with the help of GPT-4)
Key Insights
The report examines the evolving role of major global cities in shaping economic governance amid geopolitical shifts and challenges such as climate change and the rise of China. Historically, cities have been central to neoliberal economic governance, acting as hubs for global capital and talent. However, recent developments, including the 2008 financial crisis, the COVID-19 pandemic, and China's state capitalism, have strained this role. The report highlights the tension between nation-states and cities, as cities have adapted to globalization challenges, while states struggle with transnational issues. The rise of state interventionism, exemplified by China's Belt and Road Initiative and U.S. economic policies under President Biden, signals a shift from neoliberalism. This shift questions the future of global cities as economic governance centers. The report suggests that the global economic order is in transition, with potential new configurations emerging. The interplay between U.S. and Chinese economic models could redefine global governance, impacting the role of cities. The report underscores the historical oscillation between embedded and disembedded liberalism, with current trends indicating a move towards re-embedding markets within society. The future of global cities remains uncertain, as the world navigates this interregnum between hegemonic periods.
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Additional Viewpoints
Categories: 2024 publication year | English publication language | Global geographic scope | belt and road initiative | china | climate change | economic governance | geopolitical shifts | global cities | globalization | neoliberalism | state interventionism | u.s. economic policy