The Fall of Global Governance
International institutions have been weakened by the economic crisis. Harvard’s Dani Rodik says individuals countries are once again competing economically.
The fault, dear Brutus, is neither in our stars nor in ourselves. Thanks to globalization, it lies in our trade partners! Self-serving as it may seem, this viewpoint is not without some merit. As economies become intertwined, decisions taken in one part of the world reverberate in other parts, often producing unintended consequences. … Many of the world economy’s troubles today originate from our unwillingness to recognize that domestic policy objectives will ultimately trump global responsibilities, no matter how much we pretend that they can be subsumed under international commitments.
