A new world order seeks to prioritise security and climate change
But policymakers must not forget the lessons of economics
After the cold war, America and Europe established an economic order based upon open markets, global trade and limited state meddling in the economy. Climate change was a distant threat. Allowing countries like China or Russia into the global economy was widely seen to be beneficial for both them and their Western trading partners. As the two countries grew they would surely adopt market economics and, ultimately, democracy. Other things mattered. But economic considerations took precedence.
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This article appeared in the Finance & economics section of the print edition under the headline “Remember trade-offs”
Finance & economics May 13th 2023
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- A new world order seeks to prioritise security and climate change
From the May 13th 2023 edition
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