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The G8 and Global Governance Book Series

New Directions in Global Economic Governance:
Managing Globalisation in the Twenty-First Century

Edited by
University of Toronto
Fordham University


© John J. Kirton and George M. von Furstenberg, 2001

ISBN 0-7546-1698-3

New Directions in Global Economic Governance: Managing Globalisation in the Twenty-First Century is now available for sale. It explores the innovations and impacts of the information technology, finance and trade activities of the G7/G8 leaders and ministers at last year's Okinawa Summit and their implications for the Genoa G7/G8 Summit this July.

New Directions in Global Economic Governance examines the recent economic, finance and business issues that gained prominence at the 2000 Okinawa Summit of the Group of Eight. It considers issues of central concern to Japan and Asia, providing an Asian perspective on global governance. It draws on the three major issues in the international system central to the economic agenda of the 2001 Genoa G7/G8 Summit:

Readers say:

"This book is a rich collection of stimulating thoughts. The contributors identify a variety of ways to rebuild international arrangements and institutions tom improve governance of the global community -- an increasingly complicated task as information and monies flow ever more freely and swiftly."
--Takashi Kiuchi, Shinsei Bank Ltd., Tokyo

"As the cacophany of cries for and against global governance proliferates, it is refreshing to find a series of essays that focus rigorously on the data. Contributors concentrate on the continuing evolution of international trade and finance, with special attention paid to the implications of the digital information revolution and the role of conflict and co-operation among international institutions."
--Jonathan Aronson, School of International Relations, University of Southern California, Los Angeles


Preface and Acknowledgements

1. New Directions in Global Economic Governance: Challenges and Responses
John J. Kirton and George M. von Furstenberg

2. Managing Globalisation and the New Economy: The Contribution of the G8 Summit
Nicholas Bayne
3. The New Global Electronic Economy: Consensus, Confusion, Contradictions
Thomas C. Lawton
4. Creating Rules for the Global Information Economy: The United States and G8 Leadership
Michele Mastroeni
5. Transparent End-Use Technology and the Changing Nature of Security Threats
George M. von Furstenberg

II: NEW DIRECTIONS IN GLOBAL FINANCIAL GOVERNANCE 6. Continuity and Change in the Global Monetary Order Sébastien Dallaire 7. Japan's Approach to Shaping a New International Financial Architecture
Saori N. Katada
8. Japan, the Asian Economy, the International Financial System, and the G8: A Critical Perspective
Kunihiko Ito
9. Guiding Global Economic Governance: The G20, the G7, and the International Monetary Fund at Century's Dawn
John J. Kirton

10. The G7 and Multilateral Trade Liberalisation: Past Performance, Future Challenges
Nicholas Bayne
11. Securing Multilateral Trade Liberalisation: International Institutions in Conflict and Convergence
Theodore H. Cohn
12. Stimulating Trade Liberalisation After Seattle: G7/8 Leadership in Global Governance
Heidi K. Ullrich

13. The Challenges Ahead
John J. Kirton and George M. von Furstenberg

A. G7 Statement Okinawa 2000
B. G8 Communiqué Okinawa 2000
C. Okinawa Charter on Global Information Society
D. Strengthening the International Financial Architecture: Report from G7 Finance Ministers to the Heads of State and Government
E. Impact of the IT Revolution on the Economy and Finance: Report from G7 Finance Ministers to the Heads of State and Government
F G20 Finance Ministers and Central Bank Governors Meeting, News Release


Figure 3.1. Value Chain Stages of Transition
Figure 3.2. The Dell Direct Model: Stages of Development


Sir Nicholas Bayne, KCMG, is a Fellow at the International Trade Policy Unit of the London School of Economics and Political Science. As a British diplomat, he was High Commissioner to Canada from 1992 to 1996, Economic Director at the Foreign and Commonwealth Office from 1988 to 1992, and Ambassador to the Organisation for Economic Co-operation and Development from 1985 to 1988. He is author of Hanging In There (Ashgate, 2000), as well as co-author, with Robert Putnam, of Hanging Together: Cooperation and Conflict in the Seven Power Summits (Harvard University Press, 1987).

Theodore H. Cohn is a Professor of Political Science at Simon Fraser University in Vancouver. He received his Ph.D. from the University of Michigan and was Chair of Simon FraserÆs Political Science Department from 1982 to 1987. His main research and teaching areas include international political economy, the politics of international trade, and global cities and cross-border relations. Among his books are Global Political Economy: Theory and Practice (Longman, 2000), The International Politics of Agricultural Trade: Canadian-American Relations in a Global Agricultural Context (University of British Columbia Press, 1990), and Canadian Food Aid: Domestic and Foreign Policy Implications (University of Denver, 1979). He is co-editor of, among others, Power in the Global Era: Grounding Globalization (St. MartinÆs Press, 2000) and Innovation Systems in a Global Context: The North American Experience (McGill-QueenÆs University Press, 1998). He has also published widely on international trade, the North American Free Trade Agreement and agricultural trade policy, as well as on his areas of research. He is currently writing a book on international institutions and global trade policy, and is co-authoring a textbook on international organisation.

Sébastien Dallaire is a doctoral student in International Relations at the Department of Political Science of the University of Toronto. His area of research is international political economy, particularly the impact of globalisation on domestic politics. He is co-author, with Jean-Philippe Thérien, of æNord-Sud: Une vision du monde en mutationÆ, published in La revue internationale et stratégique (winter 1999û2000).

Kunihiko Ito is Associate Professor of Monetary Economics at the University of Tokushima in Japan. He was a Visiting Research Fellow of the Centre for International Studies and Economist-in-Residence of the G8 Research Group at the University of Toronto in 1998û99.

Saori N. Katada is Assistant Professor at the School of International Relations of the University of Southern California. She is the author of Banking on Stability: Japan and the Cross-Pacific Dynamics of International Financial Crisis Management (University of Michigan Press, 2001) and has published several journal articles on Japanese foreign economic policy toward countries in the Pacific Rim. Her current research focuses on the issue of policy coherence among Asian members regarding the regional financial structure.

John J. Kirton is Director of the G8 Research Group, Associate Professor of Political Science, Research Associate of the Centre for International Studies, and Fellow of Trinity College at the University of Toronto. He has advised the Canadian government on G7 participation, international trade, and sustainable development, and has written widely on G7/8 summitry. He is co-author of Environmental Regulations and Corporate Strategy: A NAFTA Perspective (Oxford University Press, 1999) and co-editor of The G8Æs Role in the New Millennium (Ashgate, 1999), Shaping a New International Financial System (Ashgate, 2000), and Guiding Global Order: G8 Governance in the Twenty-First Century (Ashgate, 2001).

Thomas C. Lawton is MBA Director and Lecturer in European Business and Corporate Strategy at Royal Holloway School of Management at the University of London. He holds a B.A. (Hons.) from the National University of Ireland in Cork, an M.Sc. (Econ.) from the London School of Economics and Political Science, and a Ph.D. in International Political Economy from the European University Institute in Florence. Dr. Lawton has previously been a Visiting Scholar at the University of California at Berkeley, a European Union Human Capital Mobility Fellow at the University of Essex, and a Research Fellow at INSEAD in France. He is the author of Technology and the New Diplomacy (Ashgate, 1997) and editor of European Industrial Policy and Competitiveness (Macmillan Business, 1999) and Strange Power: Shaping the Parameters of International Relations and International Political Economy (Ashgate, 2000). His writings have appeared in journals such as International Business Review, Long Range Planning, European Business Journal, and the Journal of Public Policy.

Michele Mastroeni is a doctoral candidate in Political Science majoring in International Relations and a Connaught Fellow at the University of Toronto. His current research interest is on innovations in the electronic economy and their effects on relations between developed and developing countries.

Heidi K. Ullrich is a temporary lecturer in the Department of Politics at the University of Southampton. She is completing her doctorate at the London School of Economics and Political Science, where she has also taught. She has worked as a research assistant at both the U.S. Mission to the World Trade Organization and the European Parliament. Her research interests include international political economy, relations between the U.S. and the European Union, European Union and U.S. trade and agricultural policies, and the impact of policy networks.

George M. von Furstenberg holds the Robert Bendheim Chair in Economic and Financial Policy at Fordham University in New York. He was previously Rudy Professor of Economics at Indiana University in Bloomington, Indiana. The president of the North American Economics and Finance Association, he has published widely on international and finance issues, including chapters on æTransparentising the Global Money Business: Glasnost or Just Another Wild Card in Play?Æ in Shaping a New International Financial System, edited by Karl Kaiser, John Kirton, and Joseph Daniels (Ashgate, 2000), and on æU.S. Dollarization: A Second-Best Form of Regional Currency ConsolidationÆ in Guiding Global Order: G8 Governance in the Twenty-First Century, edited by John Kirton, Joseph Daniels, and Andreas Freytag (Ashgate, 2001).


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