In between International Orders – An Era of Instability: The Need for a Reform Agenda and a New Narrative
Economic security; technologicalsovereignty; securisation of production and value chains; increasing resiliencethrough near-, rear-, green-, alliance- and friend-shoring; and de-risking –are measures leading to fragmentation of the economic and financial systems inaddition to fostering renationalisation and de-globalisation. This adds up to arather dangerous cocktail, as the activists are often populists followingnationalistic, ‘my country first’ and/or protectionist recipes, suggests Michael Reiterer inhis article for the
Vienna Institute for International Economic Studies.While Russia’s war of aggression on Ukraine is shaking the liberalinternational order, the Global South is using the occasion to demand overduereforms and complaining about the neglect of its acute structural problems.Alternative organisations, such as BRICS, the Shanghai Cooperation Organisationand various new development banks, are becoming more assertive. At the sametime, efforts to achieve more economic security by making supply, productionand value chains more resilient are also offering a chance for change and — ifwell steered — means to prevent industrial policy at home from turning intoprotectionism abroad.
https://wiiw.ac.at
—an-era-of-instability-the-need-for-a-reform-agenda-and-a-new-narrative-dlp-6836.pdf
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