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The New Abnormal
Context:
- The basic structure of the world order, established over decades through trust, multilateral institutions and mutually beneficial and well-intentioned global negotiations in various fora, is transferring towards protectionist policies and minimising globalisation.
World towards Protectionism:
- The Inflation Reduction Act: The European Commission has reacted to the Inflation Reduction Act by presenting its own Green Deal Industrial Plan with state aid to help Europe in clean tech products manufacturing.
- Carbon Border Adjustment Mechanism: It was introduced to protect its industries from imports from jurisdictions with “less stringent” climate policies.
- High global inflation: For many decades in the pre-Covid era, central banks in the West struggled to increase inflation to near 2 per cent.
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