Introduction

The aim of this special issue of International Affairs is to address the changing dynamics in the international economic system from an interdisciplinary standpoint, in order to unpack some of the emerging processes of globalization and to investigate the relationship between power and rule‐setting. The idea is to bridge the gap between the traditional realist accounts of the international system that place the nation‐state at the centre of the analysis, and the liberal, market‐driven approach that focuses on the problems of an increasingly integrated global economy and fragmented political authority. The framing question is how the global order (governance) has to change in order to accommodate the enlargement of the playing field and in particular the emergence of fast‐growing developing economies. How is this shift going to affect the distribution of power, both among nations and between state and non‐state actors? Is this shift going to drive a fundamental rethinking of the rules governing relations between countries—and regions—and institutions? The thread that links the articles in this special issue is the rather benign view of globalization, leaning towards ‘liberal ingenuity’ that sees governance as a way to accommodate conflicting interests through institutions in such a way as to minimize the potential for conflict.