When the IMF and World Bank meet this week, they must work to restore faith in globalization – or risk that it falls prey to isolationistsGlobalization and the international rules-based order that underpins it are under siege. Bunkering down and hoping the flames of populism burn out as economic growth picks up is not a winning strategy. The crisis of confidence in the benefits of globalization and multilateralism likely will persist as long as rates of social and economic inequality remain stubbornly tall.
The best defense of multilateralism and the rules-based order is a good offense. Addressing inequality and updating the rules of the global economy to reflect the needs of the 21st century must guide the agenda for this week’s International Monetary Fund (IMF) and World Bank spring meetings.
Continue reading...
Source: theguardian.com