chapter  8
19 Pages

Market Multilateralism: towards a new institutional form?

Multilateralism, according to Ruggie’s classic definition, is ‘an institutional form that coordinates relations among three or more states on the basis of generalized principles of conduct’ (Ruggie 1993: 11). In Chapter 1, we put forward the claim that there is emerging a new form of multilateralism which deserves to be recognized and studied, which we called ‘market multilateralism’. While multilateralism coordinates relations between states, this new multilateral system is composed not only of states, but also of multilateral organizations and private actors – predominantly large transnational corporations.