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For decades, the Western world put its faith in a well-defined and broadly accepted economic paradigm with applications at both the national and global levels.With a new paradigm having yet to emerge, the world economy faces a heightened risk of fragmentation, with already-vulnerable countries being left even further behind.The paradigm that, until recently, dominated much of economic thinking and policymaking is embodied in the so-called Washington Consensus – a set of 10 broadly applicable policy prescriptions for individual countries – and, at the international level, in the pursuit of economic and financial globalization. Deepening the economic and financial linkages among countries was viewed as the best way to deliver durable gains, enhance efficiency and productivity, and mitigate the threat of financial instability. It promised to support the positive convergence of developing and developed countries, thereby reducing both absolute and relative poverty and weakening economic incentives for illegal cross-border migration.Economies – especially Europe – need to work actively to reform a tired system of multilateral governance that increasingly lacks credibility.
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