The Department of International Studies and History
organized a guest lecture on “The Future of the Liberal International Economic
Order” by Professor Marc Williams, Associate Dean
(International) Arts and Social Sciences and Professor of International
Relations from UNSW Arts & Social Sciences, Australia.
Professor Williams stressed on the definition of
Liberal International Economic Order as a starting point of the lecture. He
sided with the existence of the Order and stated its collapse as being
detrimental to everyone. He divided the lecture into 3 major segments – Concept
of Liberal International Economic Order and Global Economic Governance,
Understanding the Liberal International Economic Order; and the Liberal
International Economic Order and a Globalizing World Economy.
He stressed on the fact that, presently, the Liberal
International Economic Order is in crisis and further explored the question -
‘why does it matter?’. Professor Williams stated that the base of any
international order rests on ideas (normative goals, principled action),
institutions (formal, informal), interests (power). In context of Liberal
International Economic Order, ideas rests on shared international norms (which
subjugated domestic autonomy) and legalism; institutions have a multi-lateral
framework, like the 3 principal organs – IMF, World Bank, WTO; and interests
rest with the political leadership.
Professor Williams pointed out that the Liberal
International Economic Order is a part of the globalization process. Globalization
is not a singular process, instead it is a multi-dimensional and uneven
process, it includes social, cultural and political processes with differential
impacts across the world. Liberal International Economic Order has been in
crisis before as well, the 1971 fall of the Bretton Woods System, and 2008
Global Economic Crisis. In today’s context, many external and internal challenges
are present with the Liberal International Economic Order such as changing of
the Balance of Power system, rise of China, creation of Asian Infrastructure
Investment Bank. The rise of Donald Trump on the American horizon and the
Brexit are signs of rejection of the Liberal International Economic Order.
Professor Williams concluded the lecture by providing with multiple scenarios
for the future of the Liberal International Economic Order – Rejection and
Collapse, Resilience and Revival, Revision and Realignment.
The lecture was followed by an engaging Q&A
session. Professor Williams was present with a token of appreciation followed
by a vote of thanks.
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