Rising Powers and State Transformation: The Case of China

This article draws attention to the transformation of statehood under globalisation as a crucial dynamic shaping the emergence and conduct of ‘rising powers’. That states are becoming increasingly fragmented, decentralised and internationalised is noted by some international political economy and global governance scholars, but is neglected in International Relations treatments of rising powers. This article critiques this neglect, demonstrating the importance of state transformation in understanding emerging powers’ foreign and security policies, and their attempts to manage their increasingly transnational interests by promoting state transformation elsewhere, particularly in their near-abroad. It demonstrates the argument using the case of China, typically understood as a classical ‘Westphalian’ state. In reality, the Chinese state’s substantial disaggregation profoundly shapes its external conduct in overseas development assistance and conflict zones like the South China Sea, and in its promotion of extraterritorial governance arrangements in spaces like the Greater Mekong Subregion

A conceptual framework for changes in Fund Management and Accountability relative to ESG issues

Major developments in socially responsible investment (SRI) and in environmental, social and governance (ESG) issues for fund managers (FMs) have occurred in the past decade. Much positive change has occurred but problems of disclosure, transparency and accountability remain. This article argues that trustees, FM investors and investee companies all require shared knowledge to overcome, in part, these problems. This involves clear concepts of accountability, and knowledge of fund management and of the associated ‘chain of accountability’ to enhance visibility and transparency. Dealing with the problems also requires development of an analytic framework based on relevant literature and theory. These empirical and analytic constructs combine to form a novel conceptual framework that is used to identify a clear set of areas to change FM investment decision making in a coherent way relative to ESG issues. The constructs and the change strategy are also used together to analyse how one can create favourable conditions for enhanced accountability. Ethical problems and climate change issues will be used as the main examples of ESG issues. The article has policy implications for the UK ‘Stewardship Code’ (2010), the legal responsibilities of key players and for the ‘Carbon Disclosure Project’

The New Age of Hybridity and Clash of Norms: China, BRICS and Challenges of Global Governance in a Post-liberal International Order

This article sketches an analytical framework to account for new patterns of global governance. We characterize the emergent post-liberal international order as a new age of hybridity, which signifies that no overriding set of paradigms dominate global governance. Instead we have a complex web of competing norms, which creates new opportunities as well as major elements of instability, uncertainty and anxiety. In the age of hybridity, non-Western great powers (led by China) play an increasingly counter-hegemonic role in shaping new style multilateralism – ontologically fragmented, normatively inconsistent, and institutionally incoherent. We argue that democracy paradox constitutes the fundamental issue at stake in this new age of hybridity. On the one hand, global power transitions seem to enable ‘democratization of globalization’ by opening more space to the hitherto excluded non-Western states to make their voices heard. On the other hand, emerging pluralism in global governance is accompanied by the regression of liberal democracy and spread of illiberalism that enfeeble ‘globalization of democratization.