The international institutions created during the Bretton Woods era could exclude those who failed to accept rules for trade and finance. Indeed, that was one rationale during the Cold War. By contrast, no one can be excluded from the environment and escape from the impact of climate change. International institutions now face new and greater challenges - how to prevent free-riders from causing a tragedy of the commons, how to enforce rules, and how to ensure distributive justice. What are chances of success?

Martin Daunton, Professor Emeritus of Economic History at the University of Cambridge, is the ormer president of the Royal Historical Society.

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