bodyType

customContents

entityId

printArticlePageQuery

filter

article

body

urlAlias

articleSectionsContent

articleSeoArticle

articleSourceHeaderArticle

contentSchemaRenderContent

contentSubHeadlineContent

contentHeadlineContent

mainImagePrintArticleArticle

authorBlockPrintArticleArticle

contentSponsorTagContent

articlePianoPaywallContent

scmpYoutubeContent

hooksTrackPageViewArticle

query printArticlePageQuery(
  $entityId: String!
  $customContents: [CustomContentInput]
  $bodyType: BodyFormatTypeEnum
) {
  article(filter: {entityId: $entityId}) {
    entityId
    body(customContents: $customContents, type: $bodyType) {
      json
    }
    urlAlias
    ...articleSectionsContent
    ...articleSeoArticle_3o8td4
    ...articleSourceHeaderArticle
    ...contentSchemaRenderContent
    ...contentSubHeadlineContent
    ...contentHeadlineContent
    ...mainImagePrintArticleArticle
    ...authorBlockPrintArticleArticle
    ...contentSponsorTagContent
    ...articlePianoPaywallContent
    ...scmpYoutubeContent
    ...hooksTrackPageViewArticle
    id
  }
}

fragment articlePianoPaywallContent on Content {
  __isContent: __typename
  ...hooksPaywallPromiseContent
}

fragment articleSectionsContent on Content {
  __isContent: __typename
  sections {
    value {
      ...helpersCheckIfNewsSectionInFirstIndexSection
      ...entityLink
      name
      id
    }
  }
}

fragment articleSeoArticle_3o8td4 on Article {
  ...hooksArticleSeoArticle
  ...helpersCheckIsPostiesArticle
  ...helpersGetArticleTypeArticle
  entityId
  publishedDate
  updatedDate
  summary {
    text
  }
  subHeadline {
    text
  }
  body(customContents: $customContents, type: $bodyType) {
    text
  }
  keywords
  sections {
    value {
      name
      id
    }
  }
  topics {
    name
    entityId
    id
  }
  urlAlias
  authors {
    name
    id
  }
  images {
    style(filter: {style: "768x768"}) {
      url
    }
  }
  readingTime
}

fragment articleSourceHeaderArticle on Article {
  urlAlias
  ...entityLink
}

fragment authorBlockPrintArticleArticle on Article {
  ...defaultArticleDateContent
  ...authorNamesArticle
}

fragment authorNameAuthor on Author {
  ...entityLink
  name
  entityUuid
}

fragment authorNamesArticle on Article {
  authorLocations
  authors {
    entityId
    location
    ...authorNameAuthor
    id
  }
}

fragment blockquoteQuoteContent on Content {
  __isContent: __typename
  ...contentShareWidgetContent
}

fragment checkersCheckContentContainsStarlingImageContent on Content {
  __isContent: __typename
  topics {
    entityId
    id
  }
}

fragment contentHeadlineContent on Content {
  __isContent: __typename
  headline
  socialHeadline
  ...contentHeadlineTagContent
  ...helpersUseContentSponsorContent
}

fragment contentHeadlineTagContent on Content {
  __isContent: __typename
  ...hooksContentHeadlineTagContent
}

fragment contentNewsletterWidgetContent on Content {
  __isContent: __typename
  topics {
    relatedNewsletters {
      ...helpersMassageToNewsletterItemNewsletter
      id
    }
    id
  }
  sections {
    value {
      relatedNewsletters {
        ...helpersMassageToNewsletterItemNewsletter
        id
      }
      id
    }
  }
  ... on Article {
    relatedNewsletters {
      ...helpersMassageToNewsletterItemNewsletter
      id
    }
  }
}

fragment contentSchemaRenderContent on Content {
  __isContent: __typename
  ...blockquoteQuoteContent
  ...imageContent
  ...inlineWidgetContent
  ...photoGalleryWidgetContent
  ...scmpYoutubeContent
}

fragment contentShareWidgetContent on Content {
  __isContent: __typename
  entityId
  urlAlias
  shortUrl
  socialHeadline
  headline
}

fragment contentSponsorTagContent on Content {
  __isContent: __typename
  ...helpersUseContentSponsorContent
}

fragment contentSubHeadlineContent on Content {
  __isContent: __typename
  subHeadline {
    json
  }
  summary {
    json
  }
  ...contentSchemaRenderContent
}

fragment defaultArticleDateContent on Content {
  __isContent: __typename
  ...hooksArticleDateUtilsContent
}

fragment entityLink on BaseWithApplicationAndUrlAlias {
  __isBaseWithApplicationAndUrlAlias: __typename
  __typename
  entityId
  entityUuid
  urlAlias
  urlRedirect {
    toUrl
    id
  }
  application {
    entityId
    id
  }
  ... on Section {
    fullSectionPath {
      entityId
      id
    }
    parentSection
  }
  ...helpersAppBarVariantBase
  ...helpersApplicationBase
  ...helpersCheckIsPlusArticle
  ...helpersStyleSectionContent
}

fragment helpersAppBarVariantBase on BaseWithApplicationAndUrlAlias {
  __isBaseWithApplicationAndUrlAlias: __typename
  ...helpersCheckIsLiveArticle
  ...helpersCheckIsPlusPage
  ...helpersCheckIsPostiesArticle
  ...helpersCheckIsPostiesPage
  ...helpersCheckIsPostMagazineArticle
  ...helpersCheckIsStyleArticle
  ...helpersSectionContent
  ...helpersStyleSectionContent
}

fragment helpersApplicationBase on BaseWithApplicationAndUrlAlias {
  __isBaseWithApplicationAndUrlAlias: __typename
  ...helpersCheckIsPostiesArticle
  ...helpersCheckIsPostiesPage
  ...helpersCheckIsPlusPage
}

fragment helpersCheckIfNewsSectionInFirstIndexSection on Section {
  name
}

fragment helpersCheckIsAmpEnabledArticle on Article {
  entityId
  types {
    value {
      entityId
      id
    }
  }
  sections {
    value {
      entityId
      id
    }
  }
  disableOffPlatformContent
  sponsorType
  published
  ...helpersCheckIsPlusArticle
  ...helpersCheckIsPostiesArticle
}

fragment helpersCheckIsLiveArticle on Article {
  flattenTypeIds
  liveArticle {
    status
    id
  }
}

fragment helpersCheckIsMainTopicContent on Content {
  __isContent: __typename
  topics {
    entityId
    id
  }
}

fragment helpersCheckIsPlusArticle on Content {
  __isContent: __typename
  ... on Article {
    paywallTypes {
      entityUuid
      id
    }
  }
}

fragment helpersCheckIsPlusPage on Page {
  urlAlias
}

fragment helpersCheckIsPostMagazineArticle on Article {
  sections {
    value {
      entityId
      id
    }
  }
}

fragment helpersCheckIsPostiesArticle on Article {
  sections {
    value {
      entityId
      id
    }
  }
}

fragment helpersCheckIsPostiesPage on Page {
  urlAlias
}

fragment helpersCheckIsStyleArticle on Content {
  __isContent: __typename
  sections {
    value {
      entityId
      id
    }
  }
}

fragment helpersGetArticleTypeArticle on Content {
  __isContent: __typename
  ... on Article {
    types {
      value {
        entityId
        id
      }
    }
  }
}

fragment helpersMassageToNewsletterItemNewsletter on Newsletter {
  entityId
  name
  alternativeName
  description {
    text
  }
  summary {
    text
  }
  homepageDescription {
    text
  }
}

fragment helpersSanitizeArticleTypeEntityIdsArticle on Article {
  types {
    value {
      entityId
      id
    }
  }
}

fragment helpersSanitizeAuthorTypesArticle on Article {
  authors {
    types
    id
  }
}

fragment helpersSanitizedAuthorEntityIdsArticle on Article {
  authors {
    entityId
    id
  }
}

fragment helpersSectionContent on Section {
  fullSectionPath {
    entityId
    id
  }
}

fragment helpersStyleSectionContent on Section {
  fullSectionPath {
    entityId
    id
  }
}

fragment helpersUseContentSponsorContent on Content {
  __isContent: __typename
  topics {
    entityId
    sponsor {
      ...sponsorTagSponsor
      name
      type
      id
    }
    id
  }
  ... on Article {
    sponsorType
  }
  ...helpersCheckIsMainTopicContent
}

fragment hooksArticleDateUtilsContent on Content {
  __isContent: __typename
  createdDate
  publishedDate
  updatedDate
}

fragment hooksArticleSeoArticle on Article {
  ...helpersCheckIsPostiesArticle
  ...helpersCheckIsPostMagazineArticle
  ...helpersCheckIsStyleArticle
  ...hooksContentHeadlineTagContent
  ...helpersCheckIsAmpEnabledArticle
  entityId
  headline
  socialHeadline
  types {
    value {
      entityId
      id
    }
  }
  authors {
    entityId
    id
  }
  images {
    generic_og: style(filter: {style: "og_image_scmp_generic"}) {
      url
    }
    styles(filter: {styles: ["og_image_posties_article", "og_postmag", "og_image_style", "og_image_scmp_analysis", "og_image_scmp_explainer", "og_image_scmp_editorial", "og_image_scmp_fact_check", "og_image_scmp_debate", "og_image_scmp_live", "og_image_scmp_obituary", "og_image_scmp_opinion", "og_image_scmp_review", "og_image_scmp_series", "og_image_scmp_generic"]}) {
      url
      style
    }
    type
  }
  urlAlias
}

fragment hooksContentHeadlineTagContent on Content {
  __isContent: __typename
  __typename
  ... on Article {
    types {
      value {
        name
        entityId
        description {
          text
        }
        id
      }
    }
    ...helpersCheckIsStyleArticle
  }
  flag
  sections {
    value {
      name
      id
    }
  }
  ...hooksContentHelperContent
}

fragment hooksContentHelperContent on Content {
  __isContent: __typename
  ...helpersSanitizeArticleTypeEntityIdsArticle
  ...helpersSanitizeAuthorTypesArticle
  ...helpersSanitizedAuthorEntityIdsArticle
  flag
}

fragment hooksPaywallPromiseContent on Content {
  __isContent: __typename
  entityId
  ...helpersCheckIsPostiesArticle
}

fragment hooksTrackPageViewArticle on Article {
  entityId
  publishedDate
  headline
  sections {
    value {
      name
      id
    }
  }
  urlAlias
  authors {
    name
    id
  }
  entityUuid
}

fragment imageContent on Content {
  __isContent: __typename
  headline
  ...checkersCheckContentContainsStarlingImageContent
}

fragment inlineWidgetContent on Content {
  __isContent: __typename
  ...contentNewsletterWidgetContent
}

fragment mainImagePrintArticleArticle on Article {
  images {
    title
    url
    isSlideshow
    size_652x446: style(filter: {style: "652x446"}) {
      url
    }
  }
}

fragment photoGalleryDialogContent on Content {
  __isContent: __typename
  __typename
  ...contentShareWidgetContent
}

fragment photoGalleryWidgetContent on Content {
  __isContent: __typename
  ...photoGalleryDialogContent
}

fragment scmpYoutubeContent on Content {
  __isContent: __typename
  entityId
  urlAlias
  publishedDate
}

fragment sponsorTagSponsor on Sponsor {
  name
  type
  images {
    url
  }
}


sections

types

disableOffPlatformContent

sponsorType

published

headline

socialHeadline

authors

images

publishedDate

updatedDate

summary

subHeadline

keywords

topics

readingTime

authorLocations

entityUuid

Dani Rodrik

The narrative that underpins the current global economic system is in the midst of a transformative plot twist. Since the end of World War II, the so-called liberal international order has been premised on the free flow of goods, capital and finance, but this arrangement now seems increasingly anachronistic.
Every market order is supported by narratives – stories we tell ourselves about how the system works. This is especially true for the global economy because, unlike individual countries, the world has no central government acting as rule-maker and enforcer.
Taken together, these narratives help create and sustain the norms that keep the system running in an orderly fashion, telling governments what they should and should not do. When internalised, these norms undergird global markets in ways that international laws, trade treaties and multilateral institutions cannot.
Global narratives have shifted numerous times throughout history. Under the gold standard in the late 19th century, the global economy was viewed as a self-adjusting, self-equilibrating system in which stability was best achieved when governments did not interfere. Free capital movement, free trade and sound macroeconomic policies would achieve the best results for the world economy and individual countries alike, or so the thinking went.
The collapse of the gold standard, together with the Great Depression, put a significant dent in this benign-markets narrative.
The Bretton Woods regime that emerged after World War II, which relied on Keynesian macroeconomic management to stabilise the global economy, gave the state a much more prominent role. Only a strong welfare state could provide social insurance and support those who fell through the cracks of the market economy.




The Bretton Woods system also altered the relationship between domestic and global interests. The world economy, built on a model of shallow integration, was subservient to the goals of ensuring full domestic employment and establishing equitable societies. Thanks to capital controls and a permissive international trade regime, countries could create social and economic institutions that suited their individual preferences and needs.
The neoliberal hyper-globalisation narrative that became dominant in the 1990s, with its preference for deep economic integration and the free flow of finance, was in many ways a return to the gold-standard narrative of benign and self-adjusting markets. It did, however, acknowledge a critical role for governments: to enforce the specific rules that made the world safe for large corporations and big banks.
The benefits of benign markets were meant to extend beyond economics. The economic gains from hyper-globalisation, neoliberals believed, would help to end international conflict and strengthen democratic forces around the world, especially in communist countries such as China.
If the results were disappointing, as they turned out to be, the blame lay not with hyper-globalisation but with the absence of complementary and supporting policies in other domains.
Hyper-globalisation, in retreat since the 2008 financial crisis, ultimately failed because it could not overcome its inherent contradictions. Governments that gave corporations the power to write the narrative were unlikely to persuade that narrative’s authors to support domestic social and environmental agendas.
As the world abandons hyper-globalisation, what will replace it remains highly uncertain. One emerging economic policy framework, which I have called “productivism,” emphasises the role of governments in addressing inequality, public health and the clean energy transition.

By putting these neglected objectives front and centre, productivism reasserts domestic political priorities without being inimical to an open world economy. The Bretton Woods regime has shown that policies that support cohesive national economies also help promote international trade and long-term capital flows.
Another emerging paradigm could be called hyperrealism, after the “realist” school of international relations. This narrative emphasises the geopolitical rivalry between the United States and China and applies a zero-sum logic to economic relations between major powers.
The hyperrealist framework views economic interdependence not as a source of mutual gain but as a weapon that could be wielded to cripple one’s adversaries, as the US did when it used export controls to block Chinese companies from accessing advanced semiconductors and the equipment to manufacture them.


The future path of the world economy will depend on how these competing policy frameworks play out on their own and against each other. Given the overlap between the two when it comes to trade, governments are most likely to adopt a more protectionist approach in the next few years and increasingly embrace reshoring, as well as other industrial policies that promote advanced manufacturing.
Ultimately, geopolitical considerations will most likely push all other considerations aside, enabling the hyperrealist narrative to prevail.
‘Ideologicalised’ industrial subsidies ‘bound to fail’, China’s Lou Jiwei warns
It is not clear, for example, that the focus on advanced manufacturing that characterises the current resurgence of industrial policy will do much to reduce inequality within countries, given that the good jobs of the future are likely to come from service industries that have little to do with the competition with China.
Enabling the national security establishments of the world’s major powers to hijack the economic narrative would endanger global stability. The result could be an increasingly dangerous world in which the ever-present threat of military conflict between the US and China compels smaller countries to take sides in a fight that does not advance their own interests.
We have a unique opportunity to right the wrongs of hyper-globalisation and establish a better international order based on a vision of shared prosperity. We must not let great powers squander it.
Dani Rodrik, professor of international political economy at Harvard Kennedy School, is president of the International Economic Association and the author of Straight Talk on Trade: Ideas for a Sane World Economy. Copyright: Project Syndicate


The ills of hyper-globalisation won’t be solved by a turn to zero-sum geopolitical rivalry

The US flag flies above containers at the Port of Los Angeles in California on July 7, 2022. The end of hyper-globalisation is creating the opportunity to right the wrongs of neoliberalism, but national security establishments in the world’s leading powers are steering the narrative towards conflict. Photo: EPA-EFE

Opinion

Comment

Business

Economy

Global Economy

With hyper-globalisation in decline, the world has an opportunity to right the wrongs of neoliberalism and build an international order based on a vision of shared prosperity. To do so, we must prevent the national security establishments of the world’s major powers from hijacking the narrative


With hyper-globalisation in decline, the world has an opportunity to right the wrongs of neoliberalism and build an international order based on a vision of shared prosperity. To do so, we must prevent the national security establishments of the world’s major powers from hijacking the narrative.


US-China relations

US-China trade war

Trade

US-China tech war

Diplomacy

US-China decoupling

Expresses the views, ideas and conclusions of the author. (Eg. Enough of Crazy Rich Asians, think of crazy poor Hongkongers.)


Opinion | The ills of hyper-globalisation won’t be solved by a turn to zero-sum geopolitical rivalry

With hyper-globalisation in decline, the world has an opportunity to right the wrongs of neoliberalism and build an international order based on a vision of shared prosperity. To do so, we must prevent the national security establishments of the world’s major powers from hijacking the narrative