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Sunday, June 16, 2024

The world’s economic order is breaking down

The world’s economic order is breaking down

Critics will miss globalisation when it is gone

By The Economist

In late april, for the 75th time in a row, America blocked a mundane motion at the World Trade Organisation to fill vacancies on the panel that is the final arbiter of disputes among the group’s members. The relentless vetoes, obscure as they might sound, have in effect completely defanged the wto for almost five years. Members that are found to have violated its rules can simply appeal against the decision, to a panel that is not functioning for lack of personnel. While the appeals moulder, the transgressions go unpunished. Two years ago, at one of the wto’s biennial summits, members resolved to get the dispute-resolution mechanism up and running again by this year. At the latest summit, earlier this year, having failed to do so, they instead decided, without even a hint of irony, to “accelerate discussions”.

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