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6 Global Governance 165 (2000)
The G-7 as a Global "Ginger Group": Plurilateralism and Four-Dimensional Diplomacy

handle is hein.journals/glogo6 and id is 125 raw text is: Global Governance 6 (2000), 165-189 The G-7 as a Global Ginger Group: Plurilateralism and Four-Dimensional Diplomacy Andrew Baker hroughout 1997-1998, contagious financial crises in East Asia, Russia, and Latin America focused attention on the meetings and consultations of the finance ministers and central bank governors from the Group of Seven (G-7) industrialized nations. This series of inter- actions-the G-7 process-played a prominent role in generating the in- dustrialized world's response to these crises. However, existing literature on the G-7 process has been predominantly descriptive or prescriptive.1 In- ternational relations theorists interested in conceptual questions concern- ing the nature and exercise of power in the international system have ne- glected the process. Beyond very general assertions regarding the contribution of the G-7 to global governance, little of substance has been said about the forum and its changing relationship with the international fi- nancial order.2 Therefore, this article examines the implications of recent G-7 activities for changing patterns of global financial governance.3 Scholars in international political economy and international relations increasingly accept that a process of structural change is transforming the global political economy, rendering Westphalian state-centric conceptions of the international system redundant. Possibly the most cogent expres- sions of this suggest there has been a diffusion of power in the global po- litical economy. Markets and nonstate actors' capacities to determine po- litical and economic outcomes are seen to have increased at the expense of the state.4 Such arguments are becoming well established. Financial glob- alization has been cited as reducing the capacity of states to control their own economies or to pursue autonomous macroeconomic strategies.5 Moreover, it is recognized that responsibility for the governance of the in- ternational monetary system is not located in one pair of hands but is ex- ercised by a range of competing and overlapping national governments, in- ternational institutions, and transnational policy communities. The result is that the international financial system is increasingly characterized by an emerging plurilateralism.6 Plurilateralism involves an increasingly com- plex cross-cutting series of relationships. The state maintains, accedes, and shares authority with a range of nonstate, interstate, and substate actors in

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