New rules for a new world : a survival kit

Abstract

The COVID-19 pandemic has sharpened the imperative of global collective action, at a time when economic and geopolitical conditions were already not auspicious for comprehensive reform of the global institutional architecture. In order to address this mismatch, this paper builds on a critical analysis of the state of governance in nine different policy fields, examining in each case the nature of the collective action problem, the character of the legal and institutional response, and evolution over time. Of these fields, three are associated with major global commons: climate action, public health and the global digital infrastructure; three relate to main channels of global interconnectedness: international trade, international finance, and migrations; and three illustrate “behind-the-border” integration: competition policy, banking regulation and international tax coordination. Drawing on a comparative analysis of successes and failures in these fields, the paper sets out elements for designing and implementing an ambitious collective action strategy suited to the present context.