V. Zagashvili (email@example.com),
Primakov National Research Institute of World Economy and International Relations, Russian Academy of Sciences (IMEMO), 23, Profsoyuznaya Str., Moscow, 117997, Russian Federation
The present crisis of globalization, which has found one of its manifestations in the crisis of the multilateral trading system, is a growth crisis that arose during the restructuring of the international economic regime. The need for such restructuring is due to the development of transnational production, the deepening of economic interdependence and the weakening of the US as the leader of the world economy. The international economic regime is understood as a system of rules for international economic interaction, including both these rules themselves and the mechanisms that ensure their establishment and implementation. The theory of hegemonic stability, which explained the development of the international economic regime in the past century, in the present century gives way to the theory of interdependence, especially complex interdependence. China will not replace the United States as a guarantor of the stability of the international economic system, not because it is not ready or not capable, but because the new economy needs a new regime that meets the needs of the global market. The US is withdrawing from the role of the guarantor of stability not only because they feel weak relative to their competitors but also because no country is able to play this role in the conditions of growing globalization. As interdependence deepens the stability of the international economic regime will increasingly rely on a system of global governance. The main elements of this system that emerged at the previous stage will undergo changes which are already partly occurring in the IMF, the World Bank and the global financial architecture as a whole. The WTO also needs to be reformed. The most obvious steps of WTO transformation include abandoning the consensus and single undertaking principles in decision-making, enhancing the role of plurilateral agreements, revising the special and differential treatment provisions, expanding the scope of issues beyond traditional trade, harmonizing between the WTO legal system and new norms introduced by mega-regional agreements. The growing complexity of interdependence increases the need for coordination not only between countries, but also between major interest groups, as well as elements of the system of global governance. It seems appropriate to ensure a coherent and coordinated process of transformation of the WTO, the IMF and other parts of the system of global governance. There is a demand for transparent mechanisms that allow to represent interests of transnational businesses, wage earners, consumers and representatives of other participants of the social contract that is to be transformed with the growth of globalization.
globalization, international economic regime, international trade, multilateral trade negotiations, Doha round, trade policy, mega-regional trade agreements, World Trade Organization (WTO)
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