The WTO Law and the Global Economic Governance Framework: A Normative Perspective

The research aims to analyze the impact of the World Trade Organization on enhancing the legitimacy of global economic governance within the scope of the WTO law. The world economic outlook and macro-data indicators demonstrate that the convergence of interests amongst state actors and nonstate actors reinforces the efficiency of Bretton Woods institutions, such as the World Bank and the International Monetary Fund. The objective of this study is to highlight the fact that the WTO has vital efforts to strengthen the legitimacy of the global economic governance mechanism and liberalize economic activity in the world economic system. In a more liberalized transnational relations environment, the activities, operations, and efforts of nonstate actors provide a ground to stabilize economic cooperation and sustainable development. From a macro perspective, the study aims to monitor the first five-year period of the global financial crisis (2008-2013) and present the descriptive statistics and intercorrelations for 36 OECD countries. The research results indicate that 36 states’ governments should develop sustainable solutions to issues related to GDP, social security, and public / private expenditure in global economic governance platforms. In collaboration with governments, the WTO’s role is vital to cooperate with ILO and enhance its legitimacy and efficiency in labor relations, industrial relations, and employment protection. The research results illustrate that global economic governance has been reshaped by a ‘duality of global governance approach’ (i.e., a de facto G2: US-China relations), and the principles of global economic development have been reconstructed during the transition period from the Washington consensus to the Beijing consensus (G2 hegemony), competitively.