Why globalisation needs a leader: Hegemons, alignment, and trade

Government

There is a growing concern that tensions between China and the US may lead to an unravelling of globalisation. This column discusses how rivalry between great powers can be detrimental to global trade and welfare and introduces the theory of hegemonic globalisation. Analysis of bilateral and multilateral treaties since 1800 shows that a dominant global power (a hegemon) promotes international policy alignment and global trade integration. Transitioning from a unipolar to a multipolar world can