Economic diplomacy is changing. The multilateral organizations that dominated the last half of the twentieth century no longer monopolize economic affairs. Instead, countries are resorting to more modest “minilateral” strategies like trade alliances, informal “soft law” agreements, and financial engineering to manage the global economy.
The staggering growth of the Chinese currency over the past ten years has raised hopes of a stronger and more balanced global economy…..Read More
In this episode of Case in Point, Profs. William Burke-White and Chris Brummer discuss how China and other rising powers are shaping the rules of global trade and finance……Read More
Chris Brummer has brought several seemingly disparate trends in the global financial system together under the useful umbrella of minilateralism. In doing so, his lively and engaging writing style gives life to the details of global governance and financial engineering. Most importantly, however, instead of just celebrating the new status quo, he identifies minilateralism as a response to globalization that when improperly managed can create as many problems as it solves.
Professor Brummer ably captures the recent evolution from standard-setting and consensus building via large, multilateral institutions promoting universalist principles, to norms established via smaller coalitions focused on addressing the particularist needs of like-minded partners. Few books tackle so many topics so clearly and elegantly, and bundle them into one compelling narrative. Moving from the regulation of coins in medieval Europe to today’s international money supply and the rise of the Chinese RMB, and from Venetian trade strategy to today’s WTO, Minilateralism offers a compelling history and theory of how economic diplomacy works. For standard-setters looking to understand their role in the global economy, a must read from a top expert in the field.