Into the Post-Pandemic: On the New World Orders and their Would-Be Architects

Improving global governance
Posted Jun 09, 2021 | Center for International Governance Innovation, Dan Ciuriak

As the world moves into the post-pandemic period, there are calls for a new Bretton Woods moment to make the international institutional framework fit for the digital era, and dealing with a plethora of issues from fiscal debt to income distribution. Dan Ciuriak suggests in this article for the Center for International Governance Innovation that the lessons from the success of Bretton Woods are threefold: There must be a clear vision of what needs to be done; cooperative leadership from the major countries; and sufficient time to lay the groundwork. To achieve this, there are key questions: How extensive are the required changes; what will be the defining issues; who will be the architects; and how will this be achieved? It remains uncertain whether any of the major economies can underwrite a new framework, given that most issues do not promise the sort of “win-win” gains that the postwar industrial-era trading system offered to induce cooperation. A new system may require an underwriter.


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