The New World Order, Shaped by Deals Rather than Rules

Improving global governance
Posted Jun 12, 2020 | Center for International Governance Innovation, Hector Torres,

In the rules-based pre-COVID-19 world order, capital could roam freely around the globe in search of opportunity and governments had to lure investors with subsidies, tax breaks and “wage-moderation” policies. Hector Torres suggests in this article for the Center for International Governance Innovation that in the post- COVID-19 world “order,” trade deals may count more than rules and production of essential inputs may be relocated to politically friendly countries, preferably close to the consumption centres. He suggests that whereas globalisation should not be resurrected, the economic interdependence that underpinned an open and peaceful world could be preserved if middle powers pull together and lead the reform of the institutional architecture that shaped the old globalisation.


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