, the setting of rapid transformation means some adjustments are needed to update international economic governance. specifically, one of the key challenges at present is to improve the adaptation of the multilateral rules - based system in force since the bretton woods agreements to the current circumstances and to future challenges. in parallel, the illusion of progress may unquestionably have led us to be somewhat naive in failing to properly assess the potential adverse consequences that globalisation and, above all, the rapid parallel process of technical change may have had for certain segments of the population, and for free - market structures and institutions. rising inequality within countries, including the developed economies, has dented citizens ’ confidence in the ability of the political and economic system to respond to their yearning for generational improvement. that is contributing to reconsideration of certain key elements behind the functioning of our open societies. thus, a second lesson to be drawn from globalisation is that we should design instruments and policies aimed at increasing opportunities for all and ensuring that the defining features of our societies, such as individual and collective progress, are strengthened. a. strengthening and re - designing multilateral institutions because i am firmly convinced that the globalisation of economic relations goes hand - inhand with enhanced overall well - being, i consider it a priority to strengthen the workings of multilateral institutions and, in particular, of the wto. here, too, we should acknowledge that, when assessing the capacity of the wto to absorb changes, we have perhaps underestimated the risks associated with the – at times rushed – opening up of certain emerging economies, especially china ’ s entry on the international stage. at the risk of over - simplifying, we could say that we had a system designed to tackle the elimination of tariffs, but not one optimised to address the complex tangle of non - tariff barriers and agricultural and industrial policies that influence trade flows to differing degrees. it is thus necessary to make changes to the multilateral system that prevent trade - distorting practices and, at the same time, to adapt this institution both to the new circumstances and to the new challenges posed by e - commerce and the protection of intellectual property, among others. one of the biggest future challenges, then, for the wto and, generally, for the system of international institutions is how to change so as to be able to integrate the major global players : one ( the united states ) is tempted by bilateralism and the other ( china ) by retaining a model

##to ’ s inability to correct these distortions. yet it should be stressed that the us shift towards bilateralism in international relations has significant consequences, beyond merely trade considerations, that stretch to the struggle for leadership of technological developments and, more generally, to an effort to sustain a privileged position in the economic and political arenas. the united states is not an isolated case in the shift. and undoubtedly bilateralism, linked in part to free market economy constraints, has gained weight recently in how other nations operate globally. in any event, as the author points out, what is true is that the shift to protectionist - style policies – commercially and geopolitically – threatens to break the multilateral global governance arrangements in force. paradoxically, the united states had led these arrangements over recent decades. now, there is a consequent danger for global prosperity. the redistribution of power among a growing number of players entails the replacement of the multilateral international cooperation arrangements with a new, more fragmented, decentralised and informal system as regards decision - making, in which bilateral and regional solutions trump multilateral agreements. another characteristic feature of globalisation recently has been the onrush of the digital revolution and the roll - out of new communication and information technologies. these are driving radical changes in the economy, in society, in how we understand labour relations and in investment and consumption decisions. as the author indicates in the book, we are yet to fully discern the possibilities that artificial intelligence, robotisation and quantum computing can offer in the different facets of our lives. professor ontiveros also emphasises the risks and threats the application of these new technologies entails, e. g. the control of individuals, the invasion of privacy, the concentration of market power in the big tech companies, inequality and the exclusion of those who fail to adapt. adding to globalisation and technical change is the demographic challenge. this poses fundamental challenges to growth, productivity and the sustainability of public finances in numerous economies. migratory problems and those arising from unstoppable urbanisation have also become priorities given their implications for economic, social and environmental development. with all these ingredients, the author ’ s main line of argument in the book is that globalisation, bound up with intense technological changes and the deregulation of economies, has contributed to generating uneven economic growth, a prevalence of the financial over the real economy, a concentration of market power in major corporations ( which has stifled competition ) and a deterioration in the environment.