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Multilateralism is in Crisis

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  • Lloyd , Peter

    (Department of Economics, University of Melbourne)

Abstract

There is a crisis in multilateralism. No major new binding rules relating to international commerce have come into force in more than 20 years. Demands by some nations for rules in new areas are not being met. The negotiations in the WTO of trade rules and the negotiations under the UN Framework Convention on Climate Change to devise rules restricting the annual emissions of greenhouse gases have not been concluded. The US-led unipolar structure of the world economy has ended. The world is now multipolar. The biggest change in relative economic size is the emergence of a large and rapidly growing Chinese economy. Equally important, the US-led intellectual consensus, known as the Washington Consensus, that inspired post-Second World War multilateralism has ended. In the absence of a common or shared vision of the gains from binding multilateral rules for the world economy, multilateralism is stagnating.

Suggested Citation

  • Lloyd , Peter, 2013. "Multilateralism is in Crisis," Journal of Money and Economy, Monetary and Banking Research Institute, Central Bank of the Islamic Republic of Iran, vol. 8(2), pages 67-102, April.
    • Handle: RePEc:mbr:jmonec:v:8:y:2013:i:2:p:67-102
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    Cited by:

    1. Oscar Ugarteche, 2016. "Towards the Privatization of Global Governance?," Development, Palgrave Macmillan;Society for International Deveopment, vol. 59(1), pages 14-20, June.

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    More about this item

    Keywords

    Multilateralism; Multipolar; International commerce; Economic integration; Crisis; Washington Consensus; Climate change;
    All these keywords.

    JEL classification:

    • F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions
    • F36 - International Economics - - International Finance - - - Financial Aspects of Economic Integration
    • F39 - International Economics - - International Finance - - - Other
    • F42 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - International Policy Coordination and Transmission
    • F53 - International Economics - - International Relations, National Security, and International Political Economy - - - International Agreements and Observance; International Organizations
    • Q53 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Air Pollution; Water Pollution; Noise; Hazardous Waste; Solid Waste; Recycling

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