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date: 26 November 2020

Abstract and Keywords

Over the past century, international financial crises have often helped transform the role of the state within domestic economies as well as the nature of economic relations between states. The international financial crisis of 2007–08 has so far left a very ambiguous legacy. The crisis initially seemed likely to challenge “neoliberal” economic regimes at the domestic level but that outcome has looked increasingly less convincing over time. At the international level, the crisis immediately triggered a strengthening of multilateral economic cooperation, but the significance of this cooperation and states’ enduring commitment to it are easily overstated. Given these ambiguities and the fact that current domestic and international trends are often working at cross-purposes, the world is left in a kind of interregnum in which the longer term significance of the 2007–08 crisis for the transformation of the economic role of the state is not yet clear.

Keywords: financial crisis, state, economic relations, neoliberal economics, economic cooperation, state theory, state autonomy, sovereignty, banking system, G20

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