The relationship between regional governance and global economic security: A focus on the Asia-Pacific region
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The global financial crisis of 2008 has highlighted the potentially crucial relationship between regional governance and global economic security. The nature of that governance may well decide how inclusive or exclusive, cooperative or competitive, the international system becomes. A key determining factor will be the way in which the quest for energy is handled. Related to this will be the role of China. Its economic weight is such that its mode of international interaction, particularly its energy diplomacy, will strongly influence the competition-cooperation calculus: whether hedging or harmonising strategies become dominant. If China succeeds in the pursuit of its post-2005 'harmonious world' (hexi shijie) policy prescription, then a nested or mandalic regionalism can be expected to grow. This paper therefore focuses its discussion on the Asia-Pacific region as a forerunner of a governance model compatible to global economic security.
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