By Joshua Saunders, Department of Finance
On 27 October 2023, the Canberra Security Economics Network (CSEN) was joined by Associate Professor Shiro Armstrong from the Australian National University, presenting a paper titled Economics for the Global Economic Order: The Tragedy of Epic Fail Equilibria, co-authored with Professor Danny Quah (National University of Singapore).
The meeting commenced with an introduction from Secretary Jenny Wilkinson PSM, who paid tribute to prominent Australian economist, Professor Max Corden, who passed away on 21 October 2023. His contributions to the debate surrounding trade liberalisation and industry protection, that gave rise to trade liberalisation in Australia in the latter half of the 20th century, was noted as a major contributor to Australia’s continued economic success despite several major shocks that threatened to derail the global economy, including the Global Financial Crisis and COVID-19.
Following the introduction from Secretary Wilkinson PSM, A/Prof Armstrong made the case for strengthening multilateral cooperation, to avoid epic fail equilibria outcomes arising from zero-sum thinking. The presentation focused on the key challenges for the global economic order: deglobalisation; the rise of impracticability of global cooperation; and the increasingly confrontational nature of Great Power Competition, arguing third nations have a key role to play in recalibrating the global economy in favour of multilateralism and cooperation.
Following the formal presentation, A/Prof Armstrong led a discussion with attendees, focusing on the false trade-off that is economic prosperity and national security, and the importance of not being seen to ‘choose sides’ amidst United States-China competition.
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