Meeting as a group for only the second time, leaders of the world’s top economies, accounting for some 85% of global GDP, agreed to provide $5 trillion in fiscal stimulus and $1 trillion in additional resources to the International Monetary Fund, and to implement a wide-ranging program of financial regulatory reform. Coming on the heels of the 2008 financial crisis, the summit was instrumental in restoring confidence in capital markets and bringing the global economy out of its freefall.
Contrary to popular narratives, the choice we face is not between openness and protectionism, technology and jobs, immigration and national identity, or economic growth and social equity. These are false dichotomies; but their prominence in contemporary political discourse illustrates how underprepared we are for Globalization 4.0.
Fortunately, because it is so universal in nature, our governance challenge is also an opportunity. It could provide the basis for a common project just when international relations are fracturing. Global cooperation toward shared goals would help to build trust between countries and other stakeholders, producing positive spillover effects across disparate social and economic domains.
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