Introduction

This introduction presents an overview of the key concepts discussed in the subsequent chapters of this book. The book examines the internationally coordinated, state-led response to the 2007-2008 economic and financial crisis. It identifies and examines a paradigm shift underway in response to the crisis: a move from the dominance of market authority to the reassertion of state authority over financial markets and actors. The book addresses the economic and diplomatic processes first, that is, the creation and dynamics of Group of Twenty (G20) summitry. It then turns to the creation of the Financial Stability Board (FSB) and its key role in policy formulation and implementation. The book examines the apogee of the G20 financial reform impulse and encompasses the summits in London and Pittsburgh and their results. It also discusses the elite state-level crisis response, the institutional reforms most important to the construction of a 'new global financial architecture' and the policy outcomes.