Navigating the turbulent seas of globalism

Economic integration is aimed at removing obstacles to the unrestricted flow of goods, services, capital and labour across borders. The editors comment that ‘although the significance of economic integration cannot be overstated… there is a notable scarcity of comprehensive analytical materials on this topic’. This book is intended to address that void and shed light on the legal, economic and political foundations of the economic integration processes and their consequences for global governance.

Two world wars in the 21st century acted as a catalyst for closer economic ties between nations to foster stability and avert future conflicts. There developed an acknowledgment of the vital roles of civil society, business entities and individuals in driving and benefiting from economic cooperation. There was also emphasis on the need for transnational institutions that transcend national sovereignty. A rules-based international order and economic liberalism were key components of the post-war international consensus. 

In recent years, there has been a backlash against globalism, as the threats of job displacement and deindustrialisation promote a rise in political and economic nationalism. Brexit happened. Covid-19 and the war in Ukraine highlighted the vulnerability of global supply chains. The US administration is demanding new trade agreements with the threat of tariffs and protectionism. At the same time, populist leaders use globalism to foster fears of a loss of sovereignty and cultural identity. 

This impressive publication analyses all aspects of economic integration, including institutions (WTO, IMF, OECD), legal systems (free trade agreements, customs unions, common markets), and specific sectors (energy, food, AI). The chapters on the African Continental Free Trade Area and government procurement are particularly illuminating. One of the messages from this book is that new issues always appear and those international economic systems that cannot adapt soon become outdated. In the past, such systems were managed by a small number of developed countries, but the voices of developing countries can no longer be ignored.  

At more than 1,200 pages, with 87 writers contributing to 75 chapters, this is a major work. Although it is likely to appeal to a limited readership, the book will be an important resource for those who must navigate the turbulent seas of our global economy in the future. 

Kevin McVeigh is a partner at Elliotts Legal, Belfast