We study the sustainability of international trading rules in a multipolar world. A rules-based equilibrium is shaped by three forces. A static temptation to exploit market power undermines cooperation, while two dynamic forces support it: the efficiency gains from rules and the cost of re-establishing the regime once a country becomes hegemonic. When multipolarity is short-lived and involves few co-leaders, a strong enough prospect of future hegemony ensures rules cooperation. However, in a more fragmented world, the sustainability of rules is more likely if shared leadership is expected to persist, to ensure long-lasting efficiency gains.

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18 February 2026     Paper Number CEPDP2152

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This CEP discussion paper is published under the centre's Trade programme.