Our rules-based global trading system is blowing up all around us today with the unapologetic imposition of unilateral tariffs and anti-competitive subsidies and the laying of blame for everything from deindustrialization to distrust on the rise of...
Edward Greenspon is the president and chief executive officer of the Public Policy Forum and a former editor-in-chief ofSean Speer is The Hub’s editor-at-large. He is also a fellow at the Public Policy Forum.
The United States viewed the conference as a golden opportunity to transpose its military dominance into monetary dominion. As the only remaining creditor nation, it covered the full bill of the summit while cajoling the other countries to embrace the dollar as the anchor currency of the international system. The war always remained front of mind.
Over the following decades, Bretton Woods delivered unprecedented growth and stability, at least for the liberal democracies of the so-called First World. The Second World’s Soviet bloc opted for its own anti-capitalist trading alliance. The Third World chose to shelter behind massive self-defeating tariffs.
Suddenly, everyone could see that the economic and political accommodation at the heart of Bretton Woods had broken down.Two of the world’s most persuasive academic voices on globalization happen to live and work within spitting distance of Bretton Woods. China set out on an extraordinary growth trajectory. There were years where it alone accounted for one-third of all global growth. In 1995, its “factory to the world” was home to just 3 per cent of global manufacturing exports. By 2020, it was 20 per cent. But it didn’t become a behemoth overnight. When Canadian prime minister Jean Chrétien made his famous bicycle-riding Team Canada trip in November, 1994, Canada’s GDP stood at US$580-billion and China’s was US$564-billion.
It begins with the democracies still clustered, all these years later, around the United States, which must write a home-team rule book so industrial policies don’t slip into new beggar-thy-neighbour. Europe’s proposed Carbon Border Adjustment Mechanism and Joe Biden’s Inflation Reduction Act are suffused with protectionist potential. And Tariff Man Trump isn’t even back yet.
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