The Economics of Interdependence and Multilayered Governance

While economic interdependence increased worldwide since WWII, its governance failed. The hegemonic stability that characterized the post-WWII world relied on the widely recognized economic and political dominance of the USA’s financial and military infrastructure. In the last couple of decades, the global geopolitical framework experienced a dramatic change, which is no longer reversible. Returning to past architectures (bipolar system or USA hegemony) is unrealistic and dangerous. We need to restore a path toward multilateralism, to be achieved via strengthened regional integration processes and institutional design based on concentric collective goods, in the logic of multilayered governance.