Leaderless Global Governance
Too much global political capital nowadays is wasted on harmonizing policies that don't need it, and not enough is spent on harmonizing those that do. Over-ambitious and misdirected efforts at global governance will not serve us well at a time when global leadership and cooperation are bound to remain in limited supply.
CAMBRIDGE – The world economy is entering a new phase, in which achieving global cooperation will become increasingly difficult. The United States and the European Union, now burdened by high debt and low growth – and therefore preoccupied with domestic concerns – are no longer able to set global rules and expect others to fall into line.