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Economic Multilateralism in Peril

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  • Manmohan Agarwal

Abstract

The Doha Round of multilateral negotiations is at a stalemate. The aid situation is changing as many countries are graduating from the soft loan arm of the World Bank Group. Developing countries built up their foreign exchange reserves to avoid borrowing from the International Monetary Fund (IMF), leading the IMF to retrench. This article explores the evolution of multilateralism from, essentially, its political roots to the economic area after the First World War (FWW), though in a limited way, and more fully after the Second World War (SWW). We then discuss how the workings of these economic multilateral institutions resulted in the current situation, where they risk becoming irrelevant. Finally, the article discusses the possible role of theG20 in the revival of multilateralism and, in particular, the role that developing countries might play in the revival.

Suggested Citation

  • Manmohan Agarwal, 2021. "Economic Multilateralism in Peril," International Studies, , vol. 58(4), pages 425-441, October.
    • Handle: RePEc:sae:intstu:v:58:y:2021:i:4:p:425-441
    DOI: 10.1177/00208817211056741
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    References listed on IDEAS

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    1. Robert J. Barro & Rachel M. McCleary, 2005. "Which Countries Have State Religions?," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 120(4), pages 1331-1370.
    2. Bhagwati, Jagdish, 2008. "Termites in the Trading System: How Preferential Agreements Undermine Free Trade," OUP Catalogue, Oxford University Press, number 9780195331653.
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    Cited by:

    1. Helder Ferreira do Vale, 2025. "How Is the Global Order Changing? A Review of Emerging Global Approaches Beyond the West," World Affairs, John Wiley & Sons, vol. 188(4), December.

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