Challenges Faced by G-20 during the World Economic Crisis (2008-2011)

This article focuses on decisions made by the G-20 and state actions to exit from the world financial crisis and discusses the gap between "collective accords" as an instrument of multilateral diplomacy on the one hand, and the continuation of national protectionist and mercantilist policies as a realist approach based on self – help and opposed to multilateral economic actions, on the other hand. The main question of this article is which actions and policies have been pursued by the great powers of the world economy to solve the financial and economic crisis, and why has this crisis not been solved? The guiding hypothesis of this article is that although the great powers of the world economy have tried to solve the crisis through intergovernmental and intra – organizational interactions of the G-20 international financial policies and injection of capital into the global markets, they could not to solve the crisis due to the continuation of some national protectionist and mercantilist policies. The analytical framework of this research is based on an explanatory analytical method and the theoretical approach of neo – liberal institutionalism. According to this approach, the necessity of collective cooperation and the adoption of multilateral diplomacy is a model applied by the G-20. Finally, the authors address the reasons of the weakness or inefficiency of this collective and mostly governmental institution in dealing with the crisis and say that the continuation of mercantilist policies is responsible for many deficiencies.