Global Economic Governance in a Changing World Order

Our world is more connected than ever before. Many of today’s big challenges are global in nature. From the provision of rules underpinning international trade and finance to the governance of transformative new technologies and management of climate change, cooperation among nations is vital. Yet global economic governance is faltering. Increasingly outpaced by a dynamic global economy, it now confronts a profoundly changing geopolitical and technological landscape.

This timely book, with contributions from leading experts, examines how global economic governance needs to adapt to the new challenges and the shifting world order. It offers a vision for change that is ambitious yet pragmatic. It presents an agenda for systemic reform and suggests practical pathways for countries to cooperate on common governance challenges—in trade, finance, artificial intelligence, and climate change—even as the world faces intense strategic competition between incumbent and emerging major powers.

Essential reading for policymakers and practitioners in navigating the changing global context, the book offers valuable analysis and insights to a wider readership interested in world affairs.

Reviews

With the old rules-based order creaking, this outstanding volume provides a clear synthesis of what could replace it and a pragmatic governance agenda for what can actually be done. The ‘competitive cooperation’ framework for AI governance is especially insightful and original.

Richard Baldwin, Professor of International Economics, International Institute for Management Development Business School, Lausanne; Founding Editor-in-Chief, VoxEU; and former President, Centre for Economic Policy Research

While major-power competition increasingly stresses the structures of multilateral cooperation, the global challenges that make cooperation essential—from climate to financial stability to public health to AI—are intensifying and proliferating. This topical collection provides essential guidance both for strengthening existing multilateral structures and building new pathways for the cooperative outcomes on which human welfare will depend.

Maurice Obstfeld, Professor of Economics Emeritus, University of California, Berkeley; Senior Fellow, Peterson Institute for International Economics; and former Chief Economist, International Monetary Fund

A changing world order is something no academic economist studied in graduate school but whose dynamics now need to be understood by everyone concerned with the global economy. This book sets down the most critical markers in research and understanding of the shifting international system.

Danny Quah, Professor of Economics and Former Dean, Lee Kuan Yew School of Public Policy, National University of Singapore

A cutting-edge effort, bringing together leading researchers from around the world, to explore how multilateral cooperation can be adapted in a world in which it is both under threat and more needed than ever.

Jeromin Zettelmeyer, Director, Bruegel

Trade Governance in a Security-Conscious World
Simon J. Evenett
Ensuring Global Financial Stability in an Era of Disruption
Jun Il Kim, Jongsoo Hong, Changseok Ma, and Juyoung Yang
Competitive Cooperation: AI Governance amid Challenging Geopolitics
Elham Tabassi
Shaping Climate Cooperation in a More Contested World
Ki Young Park

Authors