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It is important to change the financial architecture. But the label “public good” hides the distributive conflicts involved in making it more like public goods in the sense of the Common Agenda, to make the global economy more equitable and sustainable. A more equitable distribution may be difficult from the status quo: Pareto improvements are neither necessary nor sufficient. And the standards of global distributive justice are contested, yet may fuel current populist reactions to multilateral arrangements.

Author: Andreas Follesdal
Roundtable: International Financial Architecture
Year: 2022