New Delhi, April 2 -- The 75 years of relatively broad global peace post the Second World War was characterised by an evolving rule-based order and a neoclassical economic regime grounded in free-market principles, the interplay of supply and demand, and allocative efficiency in markets. In the bipolar world that emerged, global governance institutions such as the United Nations (UN) and the World Trade Organisation (WTO), despite being dominated by some major players, played important roles in anchoring efforts and managed to bridge differences between nations in trade and non-trade disputes.

The economic regime dominated by the Washington Consensus and David Ricardo's theory of comparative advantage led the world to a freer flow of cap...