Power transitions and the rise of the regulatory state: Global market governance in flux

This special issue examines the consequences of ongoing power transition in world economy for global regulatory regimes, especially variation rising powers' from rule-takers to rule-makers markets. introductory article presents analytical framework better understanding those consequences, Power Transition Theory Global Economic Governance (PTT-GEG), which extends scope traditional theory conflict and cooperation international political governance. PTT-GEG emphasizes institutional strength state as key conduit through growing market size emergent economies gives their governments leverage regimes. Whether or not a particular power, issue, invests its resources building strong state, however, is choice, requiring an analysis interplay domestic politics that fuels inhibits creation capacity capability. further extent substantive, policy-specific preferences diverge established enshrined status quo. Divergence should be assumed given. Distinct combinations these two variables yield, each regime, distinct theoretical expectations about how will affect economic governance, helping us identify conditions under become regime-transforming rule-makers, regime-undermining rule-breakers, resentful rule-fakers, regime-strengthening rule-promoters, well they remain weakly regime-supporting rule-takers.