Navigating stormy waters: a middle power perspective

Jonathan T Fried

Oxford Review of Economic Policy, 2024, vol. 40, issue 2, 426-438

Abstract: Structural shifts in patterns of international production, trade, and investment have been spurred by the globalization of supply chains. Today, however, a range of factors, including wars and sanctions, the increasing divide between Western and Chinese approaches to the economy, the increasing links between economic security and national security, and between trade and environmental regulation, are contributing to the fragmentation of international economic frameworks and growing populist and protectionist sentiment. Competition for advantage through industrial subsidies and the setting of digital and environmental standards risks enshrining a less-than-global economic order. In many fields, however, multilateral cooperation, rulemaking, and enforcement in serving shared objectives, in various international organizations, multi-stakeholder forums, and by the private sector, continues to function well. In this ever-more complex international context, where clubs, coalitions, and informal networks among nations are increasingly prevalent, middle powers are wise to remain both agile and resolute in ensuring that national interests are advanced through smart diplomacy, encompassing working with like-minded in caucuses and informal settings that serve to build broader consensus, engaging business and other stakeholders at home and abroad in support. Canada’s experience and current efforts provide a constructive example for middle powers.

Keywords: trade agreements; WTO; middle powers; supply chains; economic security; free trade; industrial subsidies; digitalization; artificial intelligence; rules-based order; international organizations; international economic order; [regional; plurilateral] free trade agreements (search for similar items in EconPapers)
Date: 2024
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