Rethinking the Narrative of the Transformation of International Economic Order:A Perspective of Subsidy Regulation
With the development of international economic and trade pattern,the prevailing narrative about the transformation of international economic order,specifically"from free markets to fair markets",has become a recurring theme in both public discourse and research arenas.Based on the perspective of subsidy regulation,this paper explores how the narrative of the fair transformation of international economic order is unfolded and what the omissions are.Compared with multilateral subsidy disciplines,the emerging subsidy rules focus more on fair trade and a level playing field.Although the narrative of the transformation can somehow explain the concept development and the rule evolution of subsidy regulation,subsidy regulation under either neoliberalism or fair trade presents its own set of dilemmas.The observation on subsidy regulation also reflects the omissions in the narrative of the transformation:firstly,there is a risk of conflating policy transformation with order transformation;secondly,the impact of the values,such as security,tends to be overlooked;thirdly,the intrinsic relationship between fairness and freedom is not received adequate attention.Given the ongoing reconstruction of international economic and trade rules,the paramount concern is addressing potential unfair consequences arising from fairness-oriented international economic and trade rules.Furthermore,there is a pressing need to enhance the coordination of values and the balance of interests in international economic governance.
international economic lawsinternational economic orderliberalismlevel playing fieldsubsidy regulation
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