Geopolitics is a permanent force in global policy, feels economist Gita Gopinath | India News
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Harvard economics professor and former Dr. The IMF First Deputy Managing Director Geeta Gopinath warned that geopolitics is now a permanent, transformative force in global policy. Gopinath notes that the world is moving away from the post-Cold War era to a landscape defined by ‘risk-free’ and defence.“Countries are increasingly building defense capabilities and securing supply chains for essential inputs such as semiconductors and rare earths,” Gopinath explained, citing the Iran conflict as a primary catalyst. “It’s a transformative change; it’s no longer the world we’re used to.”
Gopinath, who is a leading global voice on trade and investment, feels that some changes are about to happen and there is no going back. “There’s been some dissatisfaction with the global trading system for some time. There’s been dissatisfaction with what happened during the pandemic that countries couldn’t get supplies while relying on imports. All of that naturally led us to where we are,” he said.And now he thinks it’s important to take a hard look at international organizations and see what needs to change in the context of global trade. “There are people who complain about job losses at home because of trade, and also that it’s not a level playing field. It’s time to look at what a good rules-based order might look like,” he said. But whether it will happen or not, that is his opinion.
