The nation state looks stronger than ever as governments increasingly prioritise national security over economic considerations, says the Lee Kuan Yew School of Public Policy’s Terence Ho.
File photo. Given the erosion of effective checks on state power, national leadership becomes all the more critical in upholding peace and stability. in the country unless it is divested by Chinese parent company ByteDance within a year. This is despite TikTok having some 170 million users in the US, including business owners who depend on it for income.
Two decades later, the nation state looks stronger than ever as governments reassert themselves vis-à-vis corporations, and national security is increasingly prioritised over economic considerations. However, the weakening of restraints on the nation state may in fact make for a less stable or peaceful world as geopolitical rivalries intensify.
Neither are there good prospects for stronger global governance without a fundamental reform of the United Nations Security Council , where sharp divisions among the veto-wielding permanent members have rendered the council practically dysfunctional. Meanwhile, the OECD’s Base Erosion and Profit Shifting initiative is gaining momentum, with over 140 jurisdictions set to implement measures to streamline tax rules and limit the scope for tax avoidance. By levelling the playing field, it will be more difficult for MNCs to exploit the competition for foreign direct investment to extract tax incentives and other concessions from national governments.
Investment in regional projects and initiatives can also make a difference, and should not be limited to a small circle of friendly nations. While this alone will not guarantee peace, it will raise the relative cost of armed hostility among the states involved. This is a different logic to “de-risking” in the national security sense; it is de-risking from the possibility of conflict.
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