As COVID-19 spread earlier this year, governments introduced lockdowns in order to prevent a public-health emergency from spinning out of control. In the near future, the world may need to resort to lockdowns again—this time to tackle a climate emergency.
Difficult times bring out the best and worst in men and economy. Priorities are reassessed, objectives are redrawn and normal state of affairs is replaced by new normal. Years of hard work put into building and preserving the political and economic system stands on a slippery slope, ready to crumble.
September is known for the annual sessions of the United Nations General Assembly in New York. But this time, most of the activities are being conducted due to Covid-19.This year marks UN’s 75th anniversary, although the collective future of the organization is shrouded in unilateralism, nationalism and populism. The intergovernmental organization should have been the desirable multilateral forum for finding solutions to many of the world’s most pressing problems—from pandemic to nuclear weapons to disruptive technologies to devastating wildfires. That is not the case at the moment. Instead, the global body has been the prisoner of the politics of big powers.
NEW HAVEN – The COVID-19 pandemic seems to have curtailed globalization in ways that the current US administration could scarcely have dreamed up even a year ago. But, viewed in a broader context, this year’s retreat from globalization is merely the latest chapter in an ongoing process that has left the developing world increasingly pessimistic about pursuing export-driven growth as a path out of poverty.
Economic and trade integration at the global and regional level has faced a strong headwind in recent years as the multilateral trade body—the World Trade Organization—is struggling to remain relevant in global trade architecture. Trade negotiations are stymied and appellate body, also the umpire of global trade rules, has been abandoned. Trump administration is continuously blocking the appointment of the judges in the appellate body and the new agendas of WTO reform are being pushed for providing the developed countries more space for maneuvering international trade rules for protection of their product and services.