Recovering Better from COVID-19 Will Need a Rethink of Multilateralism

Richard Kozul-Wright ()
Additional contact information
Richard Kozul-Wright: United Nations Conference on Trade and Development

Development, 2020, vol. 63, issue 2, 157-161

Abstract: Abstract The world economy is experiencing a deep recession amid a still unchecked pandemic. But the commitment to recovering better will not materialize if, as happened after the global financial crisis, the advanced economies resort to a policy mix of austerity, liberalization and quantitative easing. Such an approach will only worsen a whole set of pre-existing conditions and in particular, high inequality, excessive debt (both public and private and weak investment—that will lead to a lost decade, particularly for developing countries. What is needed instead is an expansionary plan for global recovery, that can credibly return even the most vulnerable countries to a stronger position than before the crisis. This paper sets out some of the key elements of such a plan and argues that its implementation will require systematic reforms to the multilateral trade and financial system if a more resilient recovery is to turn into a sustainable and inclusive future.

Keywords: Multilateralism; Economic recovery; New Deal; Hyperglobalization (search for similar items in EconPapers)
Date: 2020
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (1)

Downloads: (external link)
http://link.springer.com/10.1057/s41301-020-00264-y Abstract (text/html)
Access to full text is restricted to subscribers.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:pal:develp:v:63:y:2020:i:2:d:10.1057_s41301-020-00264-y

Ordering information: This journal article can be ordered from
http://www.springer. ... es/journal/41301/PS2

DOI: 10.1057/s41301-020-00264-y

Access Statistics for this article

Development is currently edited by Stefano Prato

More articles in Development from Palgrave Macmillan, Society for International Deveopment Contact information at EDIRC.
Bibliographic data for series maintained by Sonal Shukla () and Springer Nature Abstracting and Indexing ().