A Shifting Mandate: International Ownership, Global Fragmentation, and a Case for Deeper Integration

This paper reviews several key implications of international investment and global supply chain fragmentation for the multilateral trading system.

Based on existing economic research, Professor Blanchard identifies a two-fold challenge for policy makers: first, to leverage the trade-liberalizing potential of global fragmentation at the multilateral level; and, second, to counter the potential for opportunistic manipulation of behind-the-border policy instruments.

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