International Stability and the Return of Mercantilism

​Can national interest and global stability coexist, or is the current wave of nationalism an unstoppable avalanche that will dismantle the international order? This session examines whether there are margins to reconcile a renewed “America First” approach with global economic stability in an era of fragmentation, strategic rivalry, and weakened multilateralism.

​What are the requirements for turning economic nationalism from an inherently zero-sum game into a more positive framework? The discussion explores whether national self-interest can be reframed to support selective cooperation on shared challenges such as financial stability, global growth, and systemic risk.

​Drawing on perspectives from advanced and emerging economies, the session asks whether pragmatic, interest-based multilateralism remains viable—and what a credible, realistic pathway can be built to navigate beyond the current wave of renewed nationalism.

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​PARTICIPANTS

​Chair: Martin Wolf, Chief Economics Commentator at the Financial Times

​Dr Vera Songwe, Senior Fellow at the Brookings Institution

​Ngaire Tui Woods, CBE, Founding dean of the Blavatnik School of Government and professor of Global Economic Governance, University of Oxford