World economic order in the post-financial crisis era: economic power, international rules, and governance philosophy

XU Xiujun1

(1.Institute of World Economics and Politics, Chinese Academy of Social Sciences)

【Abstract】The shock of the financial crisis has brought about the disorder of world economy and a series of adjustments ensued. The crisis, however, cannot remake a new order by itself. The restoration of the world economic order hinges upon the development and change of relative economic power, international economic rules, and economic governance philosophies. After the financial crisis, the relative economic power between emerging and developed economies and among themselves has exhibited a dual-level differentiation, and North-South economic relationship has become more diversified. The competition for rule-making is becoming increasingly fierce among world countries, especially among the major powers, but the difficulty in dominating agenda-setting accelerates the emergence of a non-centered world economy. The status of liberal market economy as the core developmental and governance philosophy is gradually declining. In short, the world economic order is entering into a period of deep adjustment and change, but it is still far from achieving a fundamental transformation.

【Keywords】 international political economics; world economic order; financial crisis; international rules; global governance;


【Funds】 Phased achievement of the National Social Sciences Foundation (15BGJ051)

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(Translated by LING Feixia)


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This Article


CN: 11-4782/D

Vol 36, No. 05, Pages 82-101+6-7

October 2015


Article Outline


  • 1 How to understand the world economic order?
  • 2 Adjustments and differentiation of the economic strength and economic structure
  • 3 Reform and game in the rule system
  • 4 Demand for social issues and governance philosophy transition
  • Conclusion
  • Footnote