Political and Economic Facets of Global Regulation / Governance in a Polycentric World

Abstract

The study examining the subject of political and economic interactions within the global community, with an emphasis on updating the worldwide regulatory and governance framework. The importance of this study stems from the current international relations (IR) regulatory system’s failure, even in its economic aspects, to guarantee global security, equitable international cooperation, and dynamic economic progress. The research aims to conduct a detailed analysis and evaluation of reform proposals for the IR regulatory system, including economic elements, with consideration given to UN-level initiatives. As a polycentric world order emerges, major trends include the rise of significant international relations actors and sovereign economic development centers that can drive regional growth. The analysis of China’s concept of global regulation is particularly emphasized, as the PRC, a unique civilization- state, has formulated a theory of global governance with inherently multiple interpretations. Regarding public administration in the PRC, the strictness of business operations, and the ideological stance of foreign policy, the author aimed to uncover the underlying significance of the Chinese model for altering international and international economic relations. The research methodology  employs general scientific and specialized cognitive approaches, such as historical analysis, a critical review and analysis of the prevailing concept, and an evolutionary method of analysis. In conclusion , China’s socio- economic model’s sustainability and openness do not render it a positive example for global promotion or for reshaping international socio- economic models. The author advocates for reforms to the global regulatory system, including the UN Security Council, and addresses the economic positioning of major powers in a polycentric world, aiming to shape new international relations *.