In a globalized world, international economic order is defined, to a large extent, by legal frameworks and rules-based regimes governing various aspects of cross-border exchange. These frameworks and regimes are shaped, in their creation and subsequent evolution, by the relative distribution of power among states. At the same time, these frameworks and regimes can affect the distribution of power among states in important ways.
Dynamics of International Economic Order examines the cross-cutting relationship between political power and global economic governance. To this end, the course considers three inter-related sets of issues: first, how nation-states define international economic order through the creation of legal frameworks and rules-based regimes for cross-border trade, investment, and monetary relations; second, how shifts in the international distribution of economic and political power impact these frameworks and regimes; and third, how great powers—in the contemporary context more specifically, the United States (the emblematic established power) and China (the paradigmatic rising power)—approach global economic governance as part of their grand strategies to advance their interests and enhance their international position.