Global Discord: Values and Power in a Fractured World Order

Democracies are facing a contest with authoritarian states, and Paul Tucker offers principles for a sustainable system of international cooperation. He applies these principles to the international monetary order, including the role of the U.S. dollar, trade and investment regimes, and the financial system. He rejects intellectual traditions and emphasizes power and interests without sidelining morality, 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.

Format: Hardback
Length: 552 pages
Publication date: 08 November 2022
Publisher: Princeton University Press

Can the international economic and legal system survive today's fractured geopolitics? Democracies are facing a protracted 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.

The international economic and legal system faces significant challenges in the context of fractured geopolitics. Democracies are engaged in a protracted struggle with authoritarian states, which has implications for global security and public policy. In his book, Global Discord, Paul Tucker offers principles for a sustainable system of international cooperation that can help democracies navigate these challenges without compromising their core values.

Tucker draws on his extensive experience as a central banker and regulator to analyze the international monetary order, including the role of the U.S. dollar, trade and investment regimes, and the financial system. He rejects traditional intellectual traditions that focus on power and morality and instead advocates for a new kind of political realism that emphasizes power and interests without sidelining morality.

Tucker argues that incentives must be aligned with values if institutions are to endure. He proposes that legitimacy should be the connecting tissue for a system of international cooperation, creating a world of concentric circles in which democracies cooperate more with those with whom they share the most and whom they fear the least.

To achieve this, Tucker suggests that democracies should prioritize diplomacy and negotiation over military force. They should also work to strengthen international institutions such as the United Nations and the World Bank, which can provide a platform for cooperation and dialogue.

Tucker also emphasizes the importance of promoting human rights and democracy around the world. He argues that authoritarian states often use economic and political coercion to suppress dissent and undermine democratic institutions. By promoting human rights and democracy, democracies can create a more favorable environment for international cooperation and stability.

In conclusion, the international economic and legal system faces significant challenges in the context of fractured geopolitics. However, by adopting the principles outlined in Global Discord, democracies can navigate these challenges without compromising their core values. Tucker's book provides a valuable roadmap for promoting a sustainable system of international cooperation that can help ensure global stability and prosperity.

Weight: 966g
Dimension: 165 x 240 x 39 (mm)
ISBN-13: 9780691229317