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J. Mon. Ec. 2013, 8(2): 67-102 Back to browse issues page
Multilateralism is in Crisis
Peter Lloyd
Department of Economics, University of Melbourne
Abstract:   (2523 Views)

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.

JEL classification: F33, F36, F39, F42, F53, Q53

Received: 1/16/2013                        Approved: 1/27/2014

Keywords: Multilateralism, Multipolar, International commerce, Economic integration, Crisis, Washington Consensus, Climate change
Full-Text [PDF 435 kb]   (1149 Downloads)    
Type of Study: Research | Subject: Economics
Received: 2014/10/1 | Accepted: 2014/10/1 | Published: 2014/10/1
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Lloyd P. Multilateralism is in Crisis. J. Mon. Ec.. 2013; 8 (2) :67-102
URL: http://jme.mbri.ac.ir/article-1-92-en.html

Volume 8, Issue 2 (spring 2013) Back to browse issues page
Journal of Money and Economy Journal of Money And Economy
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