Can Institutions Save the World?
Can Institutions Save the World?

Neoliberal Institutionalist Perspective on Global Governance

Summary/Abstract: Liberal institutionalism has traditionally emphasized the need for institutionalarrangements to initiate and sustain cooperation among states. The theory regeneratedmuch interest in the capacity and potential of global governance structures, for stableinternational cooperation and peaceful coexistence in the post-cold war world.During the last 30 years the world has witnessed a revolution in governance, bothprivate and public, in the areas that have been filled with regulatory bodies, looseinitiatives, regimes, ephemeral and more persistent forms of governance whosepolitical activity in most cases takes place outside the channels of formal politics.This should not, however, overshadow the fact that global organizations designedto address global problems are increasingly incapable of managing the instabilitiescreated by global interdependence. This article explores the relationship betweenneoliberal conceptualisations of the international affairs, state power and globalgovernance, analysing the features of the current geopolitical transition and itspossible consequences for the liberal world order.

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