CAMBRIDGE – The world economy is entering a new phase, in which achieving global co-operation will become increasingly difficult. The United States and the European Union, now burdened by high debt and low growth – and therefore preoccupied with domestic concerns – are no longer able to set global rules and expect others to fall into line.
Compounding this trend, rising powers such as China and India place great value on national sovereignty and non-interference in domes...
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