Global legal standards : pathways to reorganise globalisation

Abstract

Haphazard efforts to renationalise economic activity after the recent economic and financial crisis and during the ongoing pandemic have fragmented the global economy. To correct this, we propose that the G20 call for the elaboration of Global Legal Standards (GLS) as a framework of convergence. To begin, such standards could apply in areas like global value chains, finance and taxation, and corporate governance. Once consolidated in these three areas, GLS could foster positive externalities capable of providing new impetus to multilateralism, and reshape the global order of tomorrow.