What does Carney mean by a ‘new world order’?
Carney sometimes uses the term “new world order” to describe recent upheaval in international trade (not to describe a secret, totalitarian world government, as some conspiracy theorists do).
Today, the prime minister offered more clarity on what he means when he uses the phrase.
The world is “still determining” what will govern global trade going forward, Carney said – what the role of the World Trade Organization (WTO) will be, for example, and whether bilateral deals like the one Canada just struck with China will become increasingly important.
“The multilateral system that has been developing [international trade] is being eroded, to use a polite term,” he told reporters. “So the question is: What gets built in its place?”
The prime minister suggested that like-minded countries will start co-operating on specific areas – like clean energy, agriculture and finance – to create smaller coalitions, even if they don’t agree on everything.
“These are important elements of how this system is going to work. The expectation is that rather than these being developed through the [International Monetary Fund] IMF, WTO and other multilateral organizations, it’s going to be other coalitions that develop them not for the world, but for subsectors of the world.”
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