In the three months since Russia invaded Ukraine, we have seen the United States, the EU and other economies act in concert to impose the toughest economic sanctions measures on Russia. radicals in modern history. Given the size of the Russian economy, these measures were unprecedented not only in their scope but also in the scale of cooperation between Western partners. These sanctions and high levels of coordination between the West signal a potential new stage of economic globalization. On the one hand, the risks of economic interdependence have been laid bare as countries have demonstrated their willingness to deploy an arsenal of non-military tools to create costs for adversaries pursuing foreign policy objectives not contemplated by the rules-based international order. On the other hand, the situation raises important questions about the possibilities for similar cooperation that might exist to address other important current and emerging international economic challenges. It remains to be seen how countries will adapt to this new reality and what this means for economic globalization in the future.
On June 27, Brookings’ Global Economy and Development program will co-host a virtual event with the American Enterprise Institute to explore the conditions that exist to produce global cooperation between the United States and its allies in the context of the situation in Ukraine. and lessons learned. , and what this may mean for the future of the global economy and globalization.
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