![]() ![]() Contrary to what we often hear, the world economy is not a global commons. Yet what may be true for truly global problems such as climate change or health pandemics is not true when it comes to most economic issues. This claim is so widely accepted today that challenging it may seem like arguing that the sun revolves around the earth. ![]() We need global rules, global agreements, global institutions. The surge in cross-border flows of goods, services, capital, and information produced by technological innovation and market liberalization has made the world’s countries too interconnected, their argument goes, for any country to be able to solve its economic problems on its own. CAMBRIDGE – Global governance is the mantra of our era’s elite.
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