The European Union (EU) emerged as a product and beneficiary of the Liberal International Order (LIO). Yet, as this order disintegrates, marked by multipolarity, thin multilateralism, and the return of power politics, the EU has taken unprecedented integrative steps, including joint debt...

We study the sustainability of international trading rules in a multipolar world. A rules-based equilibrium is shaped by three forces. A static temptation to exploit market power undermines cooperation, while two dynamic forces support it: the efficiency gains from rules and the cost of...

We review the literature on geoeconomics, defined as the field of study that links economics and geopolitics (power rivalry). We describe what geoeconomics is and which questions it addresses, focusing on five main subfields. First, the use of geoeconomic policy tools such as sanctions and...

Economic systems face critical challenges, including widening income inequality, unemployment driven by automation, mounting public debt, and environmental degradation. This study introduces Economocracy as a transformative framework aimed at addressing these systemic issues by integrating...

This year’s Shanghai Cooperation Organization (SCO) summit in Tianjin marked the largest gathering in the organisation’s history, drawing more than 20 heads of state and 10 representatives of international organisations. At the SCO+ session, China’s Head of State and Party Leader Xi...

How do shifts in the global balance of power shape the world economy? We propose a theory of alignment-based “hegemonic globalization”, built on two central premises: countries differ in their preferences over policies (such as the rule of law or regulatory frameworks) and trade between any...

How do shifts in the global balance of power shape the world economy? We propose a theory of alignment-based “hegemonic globalization,” built on two central premises: countries differ in their preferences over policies (such as the rule of law or regulatory frameworks) and trade between any...

The current global trade order is disrupted for many reasons. The Covid-19, the Russian war against Ukraine and the all-front tariff war initiated by the United States are most outstanding factors to the disrupted global trade flows. This paper discussed shaping factors of and presented four...

The second Trump administration's tariff regime has triggered a profound transformation of the global trade architecture, extending beyond traditional protectionism to a systematic dismantling of multilateral institutions. This paper examines how the collapse of trust in US trade commitments and...

The following material is a transcription of a discussion among the contributors to and organizers of the Round Table on the topic: Will a New Global Trade System or a Stronger Asian Free Trade Arrangement Emerge against the United States' Aggressive Tariff Regime? A Political Economy Approach

Until the beginning of this century, the GATT/WTO system worked. Economic research provided a compelling explanation. It showed that if governments maximize the well-being of their own countries broadly defined, GATT/WTO principles would facilitate mutually beneficial cooperation over their...

In light of recent global economic and geopolitical shocks threatening trade openness, this report aims to shed light on geoeconomic fragmentation and develops a rich set of new tools to assess its economic effects and implications for central banks. The report shows that, although global trade...

We review the literature on geoeconomics, defined as the field of study that links economics and geopolitics (power rivalry). We describe what geoeconomics is and which questions it addresses, focusing on five main subfields. First, the use of geoeconomic policy tools such as sanctions and...

The BRICS' expansion should be seen in the context of an ongoing challenge to the international order in general, and the West's competition with China and Russia in particular. China views the current difficulties of the liberal international order as a moment of "strategic opportunity,"...

This article analyzes the shifts in the global order that occurred in relation to governments' actions and their search for an increased global status within the capitalist global system. Examining the deliberate application of governmental economic interventions, the article examines how Brazil...

The U.S.-China conflict is threatening continued global economic prosperity and this has inspired a variety of predictions and prescriptions on the future global order. This paper proposes a light model of global governance not only to form international agreements across countries but also to...

We use global tariffs to reveal the weights that nations implicitly place on the welfare of their trading partners relative to their own. Our estimated welfare weights suggest that formal and informal rules of the world trading system make countries internalize the impact of their policies onto...