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The Future of the Liberal International Economic Order


The Department of International Studies and History organized a guest lecture on “The Future of the Liberal International Economic Order” by Professor Marc Williams, Associate Dean (International) Arts and Social Sciences and Professor of International Relations from UNSW Arts & Social Sciences, Australia.
Professor Williams stressed on the definition of Liberal International Economic Order as a starting point of the lecture. He sided with the existence of the Order and stated its collapse as being detrimental to everyone. He divided the lecture into 3 major segments – Concept of Liberal International Economic Order and Global Economic Governance, Understanding the Liberal International Economic Order; and the Liberal International Economic Order and a Globalizing World Economy.
He stressed on the fact that, presently, the Liberal International Economic Order is in crisis and further explored the question - ‘why does it matter?’. Professor Williams stated that the base of any international order rests on ideas (normative goals, principled action), institutions (formal, informal), interests (power). In context of Liberal International Economic Order, ideas rests on shared international norms (which subjugated domestic autonomy) and legalism; institutions have a multi-lateral framework, like the 3 principal organs – IMF, World Bank, WTO; and interests rest with the political leadership.
Professor Williams pointed out that the Liberal International Economic Order is a part of the globalization process. Globalization is not a singular process, instead it is a multi-dimensional and uneven process, it includes social, cultural and political processes with differential impacts across the world. Liberal International Economic Order has been in crisis before as well, the 1971 fall of the Bretton Woods System, and 2008 Global Economic Crisis. In today’s context, many external and internal challenges are present with the Liberal International Economic Order such as changing of the Balance of Power system, rise of China, creation of Asian Infrastructure Investment Bank. The rise of Donald Trump on the American horizon and the Brexit are signs of rejection of the Liberal International Economic Order. Professor Williams concluded the lecture by providing with multiple scenarios for the future of the Liberal International Economic Order – Rejection and Collapse, Resilience and Revival, Revision and Realignment.
The lecture was followed by an engaging Q&A session. Professor Williams was present with a token of appreciation followed by a vote of thanks.






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