The Great Recession and International Economic Order: Insights from Global Economic Crises

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ID: 311226
2024
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Abstract
The emergence of a new world order has become a topic of significant debate among international relations scholars in the wake of the Great Recession, as the U.S.-led global order established after World War II seems to be nearing its decline. However, some scholars fail to consider the impact of economic recessions on the world order, often overlooking the structural shifts within the international economic and financial system. This article seeks to clarify these shifts by analyzing four major global economic recessions between 1929 and 2020. It also explores the causal relationship between economic recessions and the evolution of the international economic order, examining how major powers act to preserve stability. The findings show that global economic recessions do not necessarily result in the emergence of a new world order; rather, the international economic order changes only when a leading economic power fails to stabilize the system. In all the case studies analyzed, the U.S. retained its role as the primary stabilizer of the global system, with a limited shift of responsibility to China during the 2008 Great Recession
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imported_1770373359_6985c0efcd493 Use this key to autocite in the manuscript while using SciMatic Manuscript Manager or Thesis Manager
Authors Sardor Allayarov
Journal Journal of Peace and Diplomacy
Year 2024
DOI
10.59111/JPD.005.02.076
URL
https://journalpd.com/index.php/JPD/article/view/76
Keywords Keywords not found

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