The economics of global governance revisited

Ten years ago, the G20 leaders claimed that “a global crisis requires global solutions”. Not anymore. Global governance is openly despised by the Trump administration and it has become a hostage of the US-China rivalry. The post-war economic institutions (WTO, IMF,.) have weakened significantly and the institutional architecture of globalisation has not been complemented to cover new issues such as competition, climate change, financial stability or the internet.

In an increasingly interdependent world, global public goods cannot be left unattended. The task ahead is therefore to map out new forms of international collective action that help build mutual trust, overcome the curse of free-riding and ensure delivery on commitments.

Fortunately, such mechanisms are already at work in the international system. In trade, competition, taxation, finance, even climate preservation, they are being experimented. Do such arrangements provide a template for a renewed global governance?

The seminar will cover the theory and history of international collective action. Sectoral arrangements will be reviewed critically to assess their effectiveness and draw from analysis broader lessons for the design of a reformed global governance Regime.

This course is for 2nd year MIA and MPP students only.