Global Discord: Values and Power in a Fractured World Order

Description

How to sustain an international system of cooperation in the midst of geopolitical struggle Can the international economic and legal system survive today's fractured geopolitics? Democracies are facing a drawn-out contest with authoritarian states that is entangling much of public policy with global security issues. In Global Discord, Paul Tucker lays out principles for a sustainable system of international cooperation, showing how democracies can deal with China and other illiberal states without sacrificing their deepest political values. Drawing on three decades as a central banker and regulator, Tucker applies these principles to the international monetary order, including the role of the U.S. dollar, trade and investment regimes, and the financial system. Combining history, economics, and political and legal philosophy, Tucker offers a new account of international relations. Rejecting intellectual traditions that go back to Hobbes, Kant, and Grotius, and deploying instead ideas from David Hume, Bernard Williams, and modern mechanism-design economists, Tucker describes a new kind of political realism that emphasizes power and interests without sidelining morality. Incentives must be aligned with values if institutions are to endure. The connecting tissue for a system of international cooperation, he writes, should be legitimacy, creating a world of concentric circles in which we cooperate more with those with whom we share the most and whom we fear the least.

Paul Tucker is a fellow at the Harvard Kennedy School and the author of Unelected Power (Princeton). He is a former central banker and regulator at the Bank of England, and a former director at Basel's Bank for International Settlements, where he chaired some of the groups designing reforms of the international financial system after the Global Financial Crisis.

"A Financial Times Economics Book of the Year" "This is an important book."---Martin Wolf, Financial Times "In a new book, Global Discord, Sir Paul Tucker . . . likens the relationship between America and China to that between Britain and France between 1688 and 1815. . . . The parallel is instructive because it is a reminder that the rivalry is one with which the world is likely to have to live for decades to come. "---Simon Nixon, Times "The book has extraordinary sweep and breadth of learning. It straddles the line between academic work and rigorous book for generalists. . . . Invigorating."---Krishna Guha, Financial Times "A true tour de force. "---Jack Snyder, author of Human Rights for Pragmatists "I learned a lot and can only applaud the breadth of vision and ambition. Bravo."---Kevin Gardiner, Society of Professional Economists "Keynes famously said that policymakers are distilling the frenzy of past academic scribblers. [Paul Tucker is] the rare policymaker who goes on to become an extraordinary scribbler."---Lawrence H. Summers, Bloomberg "Fascinating . . . commanding book."---David Westin, Bloomberg "An important new book. . . . Global Discord is a must-read for anyone wanting to understand the prospects for 21st-century geopolitics, and possible trade-offs facing the West."---Vic Duggan, Irish Times "Wide-ranging and erudite."---Diane Coyle, Enlightened Economist