Far-right political forces have accelerated this process, making ideals such as gender equality, climate justice and indigenous peoples’ rights an object of ridicule. This culture wars rhetoric undermines the ethical foundations of both democracy and global cooperation, while a populist backlash against solidarity and collective responsibility has already entered the international arena. Nationalism is supplanting multilateralism, and international cooperation is losing its moral bearings.
However, to restore the system of global economic governance is not simply to restore the past. Yes, the founding documents of the postwar order (beginning with the UN Charter) enshrined shared ideals such as human dignity and solidarity, but that order also reflected – and exacerbated – the power imbalances of its day. Any new system must be based on the principles of self-interest, solidarity, sovereign equality, and environmental protection. The old arrangements must be updated to meet current needs, guaranteeing broader representation.
Creating a new system based on values is not a utopia; it is a strategic necessity. Institutions perceived as fair are more resilient and more likely to achieve widespread compliance. And this is critical when globally coordinated action is required to address our major challenges.
Equity, access to finance, and the diffusion of green technologies will come to the fore as countries transform their economies to meet climate goals. Without global norms to guide industrial policy toward sustainable development, the green transition risks reproducing old hierarchies and dependencies. The point of reforming the international trade system (now deeply regressive, with net financial flows from the Global South to the Global North) is to ensure a green transition without the pitfalls of a world order shaped by and for the few.
It is worth heeding the lessons of history. The Bretton Woods institutions and the first trade structures (e.g., the General Agreement on Tariffs and Trade) emerged after the catastrophe of World War II, when world leaders realized the need for value-based cooperation, though their efforts were uneven. The Havana Charter of 1948 even called for full employment and protection of labor rights (it was stillborn because the U.S. did not ratify it).
However, the neoliberal turn of the 1980s was followed by fiscal austerity, deregulation and structural adjustment policies that stalled development in many countries, exacerbated inequality, and sidelined labor rights and environmental concerns. The creation of the World Trade Organization in 1995 reflected this shift: while it promised fairness and predictability, it prioritized liberalization and enforcement of rules. This sparked popular discontent (from protests in Seattle in 1999 to ongoing criticism of trade rules on agriculture and intellectual property), and it became clear how far the system had become disconnected from social and environmental priorities.
Despite all these failures, fundamental values retain their role as moral guides. Reformers, civil society movements and many leaders continue to invoke them to point the way to an alternative world order – with democratic decision-making, sustainable development, climate justice. These are not abstract ideals; they are tools for building a more effective system.
Discussions about values are not enough. If the global architecture is to reflect and reinforce shared norms rather than weaken them, international organizations must methodically translate their outcomes into reality.
To move forward, values must be complemented by accountability mechanisms. This means improving institutional oversight, increasing the participation of civil society, and creating tools to measure progress not only in terms of GDP, but also in terms of equity and well-being. Discussions on principles should take place in the real world – at G20 forums (bringing together the economically largest countries of the Global South and North), the BRICS+ group (bringing together the most important developing countries), the UN Financing for Development process (including the upcoming summit in Seville), the UN Climate Change Conferences (starting with COP30 in Belene). It should also be central to any discussion of UN reform, including the revision of the UN Charter.
Fragmentation, inequality, loss of functionality – none of this is inevitable. They are the result of choices. The alternative to a weakening order is not a retreat to nationalism or technocracy, but a bold reaffirmation by states, civil society and the private sector of the values that will help us overcome the challenges to a more humane and sustainable economic order.
Adriana Abdenour,
former Special Advisor for International Affairs to Brazilian President Luiz Inácio Lula da Silva, now Co-President of the Global Fund for the New Economy (GFNE).
© Project Syndicate, 2025.
www.project-syndicate.org
