Social Forces and the International Political Economy after the 2008 Financial Crisis: The Case of Business Summit 20 (B20)

Abstract

The 2008 financial crisis stands out for being a crisis that occurred not in developing countries, but in the core capitalist countries, thus assuming greater proportions and with broader ramifications. In this context, the G20 gained new impetus, and, as a result, several studies have sought to understand not only the crisis but the role of the reformed G20 in the process of resolving it. Despite the relevance of this literature, little attention has been paid to the G20 outreach process, in particular to the growing dialogue established between the G20 and B20 (Business Summit 20), a group that represents the business sector in these exchanges. This article seeks to contribute to a better understanding of the engagement of business elites with the actions taken by the G20 to deal with the 2008 financial crisis -that is, the role of social forces in the (re)construction of contemporary international political economy. It seeks, in a concise and exploratory way, to sketch the relationship between the B20 and G20 in the period between 2010 and 2017, in order to better understand processes associated with the transnationalization of the capitalist class. It starts from the hypothesis that during this period it is possible to identify the constitution of a 'B20 Nucleus', constituted by the business sectors present at most B20 summits, and to a large extent based in the countries of the North Atlantic. In this sense, the B20 acts as a point of integration for the global corporate elite.