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• W3136201933 abstract "What are the odds of maintaining existing liberal commercial order in a multipolar world? Which fields of this order will likely remain unchanged, which will harmoniously fragment to reflect the increasingly polycentric world better, and where are the conflicts between various governance models likely to arise? A status quo of the trade order will be replaced with some new setup, whether that be fragmentation of commercial order along the lines of the polycentric world, or that be a new hegemony. The radical change to geo-economics is gradually reversing the results of the Age of Discovery, including Great Divergence and Little Divergence thanks to trade shifting from sea to land anew. The liberal trade order has been shaped since the Age of Discovery in the course of government-to-government dealings responding to the needs of merchants involved in the sea and cross-border trade along the world's dominant trade routes. The increased cross-border interactions between private merchants have led to the spontaneous creation of autonomous global order of private commercial contracting. Subsequently, the growing number of various trade-related intergovernmental arrangements has led to the emergence of global governance further standardizing the terms of cross-border trade. Direct network-effects have increased the use of some specific commercial standards over other standards with the growing number of merchants using these specific standards. Indirect network-effects have made specific jurisdictions or arbitration for a particularly attractive for transactions in specific fields like insurance or shipping. Rising national states have gradually appropriated such old merchant law by codifying it into national new merchant law throughout the 16th-19th centuries. Since the late 19th century, further increasing trade flows have forced governments to integrate new merchant law into a vast array of almost universal standards such as under the aegis of UNIDROIT, UNICIRAL, WTO, WIPO, etc. and numerous global NGOs or semi-private multinational organizations. The method of predicting the fate of the liberal trade under the multi-polarizing world is to substitute variables in such a structuralist model of this order and to juxtapose existing institutional lock-ins with substitutes to the model in the context of specific fields of the global trade governance. Any predictions can be further substantiated with extrapolation of trends in the economic governance of China, post-Soviet space, or Turkey and Iran occupying crucial land trades. The predictions could also be substantiated with historical precedents such as insights into Bagdad thriving as a commercial center of the Ancient Silk Road until the Age of Discovery, a period of economic liberalization in the Russian Empire coinciding with development of the Trans-Siberian railway, or a transformation of South Korea into a liberal economy thanks to its strong integration with the global trading system, despite its East Asian characteristics." @default.
• W3136201933 created "2021-03-29" @default.
• W3136201933 creator A5023126065 @default.
• W3136201933 date "2020-10-12" @default.
• W3136201933 modified "2023-09-23" @default.
• W3136201933 title "Liberal Economic Order in the Multipolar World: Rule-Based Institutionalism Versus Deconstructive Determinism?" @default.
• W3136201933 hasPublicationYear "2020" @default.
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