Where Global Governance Went Wrong - and How to Fix It
Internationalagreements have not balanced freedoms in the way that they should. The promise that this liberalization wouldlead to faster growth from which all would benefit, has not materialized. Underdoctrines that have prevailed for more than four decades, growth has actuallyslowed in most advanced countries., Joseph Stiglitznotes in his
Foreign Policy article. There are deep asymmetries, withthe powerful countries not only making the rules but breaking them almost atwill. This raises the question: Does a rules-based system exist, or is it justa facade? Of course, in such circumstances, those who break the rules say theyonly do so because others do the same. To win the hearts and minds in the newcold war brewing between the United States and China, the United States needsto use the money it has to help the poor, and the power that it possesses toconstruct rules that are fair. Nowhere is that more evident than in response tothe debt crisis that the United States faces today and the recent pandemic,another of which the world will almost surely face in the future.
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