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The War is Uniting the World Towards More Cooperation

In: Finance

For the last few weeks most meetings at the United Nations start with some diplomatic approach at Russia’s war with Ukraine.

Usually, the Ukrainian delegation starts by describing the horrors inflicted upon it by Russia and then Ukraine’s allies will clap and offer their support.

Russia then responds, but delegates will even leave the room as Moscow’s delegation cynically attempts to deflect or deny the cruel realities of its unprovoked invasion.

Last week, the European Union and the group of seven countries, which includes the U.S., Japan, Canada, and Australia, announced that they would suspend their most-favored-nation treatment for Russia, putting it in the company of other pariah states such as Cuba and North Korea.

In a recent Foreign Affairs essay Adam Posen, the president of the Peterson Institute for International Economics, argued that this situation will speed up the corrosion of globalization already underway, with less economic interconnectedness, the world will see lower trend growth and less innovation.

The effects of this will be felt globally and particularly more in the poorest nations. Rising food and energy costs are already hurting people’s economy, while most of the world is still recovering from the effects of the pandemic.

If Vladimir Putin has achieved anything, it’s that he’s single-handedly strengthened cooperation among the EU’s 27 members and realigned Europe and America in ways unthinkable during the transatlantic nadir of the Trump administration.

The anti-Russia bloc collectively accounts for 58% of the global gross domestic product, and can now use their renewed ties to foster new opportunities for economic growth.

In his essay Posen urged policymakers to develop a common market among democracies and create a relatively even playing field among allies that can foster healthy competition, whether it’s through defense spending, energy investments, or standards setting.

Providing an optimistic perspective, it is plausible to think that western nations could use this crisis to build a new international trading system focused on common ideals among groups of like-minded members towards the same goal, growth.

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