The end of hyper-globalization should yield a better alternative

The narrative that underpins the global economic system is in the midst of a transformative plot twist. Since the end of World War II, the so-called liberal international order has been premised on the free flow of goods, capital and finance, but this global arrangement now seems increasingly anachronistic. Every market order is supported by narratives, or stories we tell ourselves. This is especially true for the global economy, because, unlike countries, the world has no central government acting as rule-maker and enforcer. Taken together, these narratives help create and sustain the norms that keep the system running in an…