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The New Abnormal

  • Published
    28th Feb, 2023

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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