The international rules-based order, ushered in after the end of World War II, has brought economic success and stability. While imperfections continue to exist, this framework of liberal political and economic institutions and regulations positively shaped the trajectory of many countries around the world and created resiliency amongst a world that previously relied on mercantile and “might vs. right” determinism.
Yet, in recent years this order is coming under threat both in security terms and economic terms. Challenges are coming from rising or revanchist states, fuelled by a use of misinformation and disinformation, and a manipulation of the very organizations that stood up the international rules-based economic order. Disaffected populations and real social inequalities in the West are further used as evidence, at least according to a handful of revisionist states, of the decay of the rules-based order.
This discussion will look at the main challenges now to the economic and trading system, and look at areas for policy guidance.