18 named examples with their significance, drawn from the Panther database. Read them, then test yourself.
In test mode, tap an example to reveal why it matters.
The examples
2007/2008 global financial crisis(tap to reveal)- The 2007-08 financial crisis originated in US subprime mortgage lending, spreading through globalised financial markets to cause worldwide recession.
Bretton Woods System (1944)(tap to reveal)- Post-WWII conference established IMF, World Bank, and GATT to prevent economic crises. Aimed to establish rules-based global economic order.
GATT to WTO Transition (1948-1995)(tap to reveal)- General Agreement on Tariffs and Trade (1948) replaced by World Trade Organization (1995). Shows evolution of trade governance toward more formal institution.
International Covenants on Civil and Political Rights and Economic, Social and Cultural Rights (1966)(tap to reveal)- Expanded UDHR into legally binding covenants. Established International Bill of Human Rights setting international standards for state behavior.
1973 Oil Shock(tap to reveal)- Arab OPEC members imposed an oil embargo in 1973, causing oil prices to quadruple and triggering recession across Western economies.
1997 Asian Financial Crisis(tap to reveal)- The 1997 Asian Financial Crisis began with the Thai baht collapse and spread rapidly across East Asia, requiring IMF bailouts with strict conditions.
Asian Infrastructure Investment Bank (AIIB) and the Challenge to Western Financial Hegemony (2016-present)(2016-present)(tap to reveal)- AIIB: Chinese-led development bank, 109 members, 2016. Provides infrastructure loans across Asia. Seen as alternative to IMF/World Bank. China holds largest voting share. 57 founding members despite US opposition; UK joined against US wishes.
BRICS Expansion and the Shift to Multipolarity (2023-24)(2023)(tap to reveal)- Saudi Arabia, UAE, Iran, Ethiopia, Egypt invited to join BRICS in 2023. BRICS now represents ~45% of world population and ~35% of global GDP. Best contemporary evidence for multipolarity thesis.
Brexit and the Limits of European Regionalism (2016-20)(2021)(tap to reveal)- Only state to leave EU. 52-48% vote. Trade disruption post-2021. Shows sovereignty concerns can override economic integration. Tests whether regional blocs are truly supranational or intergovernmental in nature.
Brexit: UK Withdrawal from EU (2016 referendum, 2020 departure)(tap to reveal)- UK voted to leave EU in 2016 referendum (52-48%) and formally left in January 2020. Second largest economy at time; significant economic blow to EU.
C40 Cities: Transnational Environmental Governance from Below(tap to reveal)- The C40 Cities Climate Leadership Group consists of around 100 major cities worldwide representing 700 million people and a quarter of the global economy. Cities commit to reducing emissions and share best practice. Examples include London's ULEZ, Paris's pledge to reach 100% renewable energy, and New York's carbon neutrality programme for buildings.
COP29 Baku and the Climate Finance Deal (2024)(2035)(tap to reveal)- $300bn/year climate finance pledged to developing nations by 2035. Developing nations demanded $1.3tn. Shows North-South tensions in global governance and limits of multilateral agreement on climate.
China's Belt and Road Initiative (2013-present)(2013)(tap to reveal)- BRI spans 140+ countries, $1tn+ investment. Sri Lanka Hambantota port: 99-year lease to China after debt default. Debt-trap diplomacy debate. Shows how economic power can be used as soft/sharp power tool.
China's economic growth (double digit)(tap to reveal)- China sustained average annual GDP growth of approximately 10% between 1980 and 2010, becoming the world's second-largest economy.
China's market reforms (1978-1991)(tap to reveal)- Deng Xiaoping launched market-oriented economic reforms from 1978, creating special economic zones and opening China to foreign investment.
Copenhagen Climate Summit: Failure of Global Governance (2009)(tap to reveal)- The Copenhagen Summit (COP15, 2009) aimed to replace Kyoto with a full deal including the US, China, India, Brazil and South Africa. Despite Obama's personal engagement, no legally binding agreement was reached. 192 states signed but only 'took note of' rather than 'adopted' the accord. The Green Climate Fund pledge of $100bn/year by 2020 was not met (only $10bn by 2020). Greenpeace called it 'a crime scene'.
G20 Toronto 2010 protests(tap to reveal)- The G20 summit in Toronto in 2010 was accompanied by mass protests against austerity and global financial institutions.
G7 percentage of global GDP fall(tap to reveal)- The G7's share of global GDP fell from around 70% in the 1980s to under 45% by the 2020s, reflecting the rise of China and other emerging economies.