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The Rise and Fall of Multilateralism

The Rise and Fall of Multilateralism A technician tests a headset before the World t rade Organization’s first Ministerial Conference in Singapore in 1996. (Mike Fiala/Getty Images) D IS SEN t SPRING 2021 G L OB AL E C ONOMIC D ISORDER Walden Bello I still remember attending the first ministerial meeting of the World t rade Organization (Wt O) in December 1996, a year after its founding. I did not know why known opponents of globalization like me had been invited; I suppose it was to inflict on us the lesson that it was futile to resist. An aura of triumphalism pervaded the meeting. t rade ministers and corporate executives alike proclaimed that globalization was the wave of the future. Government restrictions on the free flow of goods, services, and capital were a thing of the past. Within what skeptical observers like me termed the “blessed trinity of multilateralism,” there was a clear division of labor: the International Monetary Fund (IMF) would do away with barriers to capital flows, the World Bank would transform developing countries into free-mar- ket economies, and the Wt O, which former Director General Mike Moore called the “crown jewel of multilateralism,” would lead the elimination of any remaining barriers http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Dissent University of Pennsylvania Press

The Rise and Fall of Multilateralism

Dissent , Volume 68 (2) – Apr 8, 2021

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Publisher
University of Pennsylvania Press
Copyright
Copyright © Foundation for the Study of Independent Social Ideas, Inc. (FSISI)
ISSN
1946-0910

Abstract

A technician tests a headset before the World t rade Organization’s first Ministerial Conference in Singapore in 1996. (Mike Fiala/Getty Images) D IS SEN t SPRING 2021 G L OB AL E C ONOMIC D ISORDER Walden Bello I still remember attending the first ministerial meeting of the World t rade Organization (Wt O) in December 1996, a year after its founding. I did not know why known opponents of globalization like me had been invited; I suppose it was to inflict on us the lesson that it was futile to resist. An aura of triumphalism pervaded the meeting. t rade ministers and corporate executives alike proclaimed that globalization was the wave of the future. Government restrictions on the free flow of goods, services, and capital were a thing of the past. Within what skeptical observers like me termed the “blessed trinity of multilateralism,” there was a clear division of labor: the International Monetary Fund (IMF) would do away with barriers to capital flows, the World Bank would transform developing countries into free-mar- ket economies, and the Wt O, which former Director General Mike Moore called the “crown jewel of multilateralism,” would lead the elimination of any remaining barriers

Journal

DissentUniversity of Pennsylvania Press

Published: Apr 8, 2021

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