Journal Article

An enduring need: multilateralism in the twenty-first century

Anne Krueger

in Oxford Review of Economic Policy

Published on behalf of The Oxford Review of Economic Policy Ltd

Volume 23, issue 3, pages 335-346
Published in print September 2007 | ISSN: 0266-903X
Published online January 2007 | e-ISSN: 1460-2121 | DOI: http://dx.doi.org/10.1093/oxrep/grm022
An enduring need: multilateralism in the twenty-first century

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That the global economy has been hugely successful over the past 50 years is unquestionable. A major underpinning of that success has been the open multilateral system, which has enabled the emergence of a truly international financial system, reciprocal reduction of trade barriers, and the emergence of many previously poor countries into the status of ‘emerging markets’ or even ‘developed’. The open multilateral system, however, is increasingly under-appreciated and taken for granted. Preferential trading arrangements have proliferated, and with them the possibility of discriminatory arrangements for capital flows. The absence of an international regime for capital flows permits this development and poses a threat to the system, as do all of the issues on which countries' governments assert ‘their’ interests, and ignore their interests in the overall health of the system. It is to be hoped that the benefits of multilateralism are more greatly appreciated, and that the current trend toward increasing regionalism and departures from the post-war system is reversed.

Keywords: multilateralism; global economy; trade liberalization; global financial stability; F02; F33

Journal Article.  6354 words. 

Subjects: International Economics ; International Finance

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