If Trump had won, the World War II Grand Prix would have been for Russia. Undoubtedly, the international economic system after the World War would be subject to profound change, until it is likely to be destroyed. Trump’s extreme unilaterality, chaotic trade initiatives, international cooperation and, in general, rejection of multilateral conduct, would hitherto bury the rules and institutions that have shaped globalization if power is acquired for another four years.

On the contrary, will Biden’s victory mean the restoration of the global system? The answer is not clear. There will be no problems in curbing the international chaos that Trump has created, either in the United States or internationally. But what comes must, in any case, be more of a reconstruction than a restoration of the previous global system. And that is that in the last decade we have already experienced the hangover of neoliberal globalization and, in addition, the pandemic has revealed new realities and needs.

In any event, although the wave against the multilateral system will slow down, the new model will not end the old hierarchical governance and practices dependent on the economic elites. However, both hegemonies and economic elites are changing, the social and economic reality is also very different and this will bring new needs in the reconfiguration of the international economic system.

One of the priorities of this new international construction is to have a system geared to common needs. The protection of global public goods such as stable climate or biodiversity was not provided for in the II. In the international economic order after the World War. Biden’s intention to accede to the 2015 Paris climate agreement is helpful, but it will not suffice on its own, given the limits of the agreement and the economic ties that the new lehendakari has.

The second priority is to accept the multiple polarity of the global economic system. Therefore, the entry into force of conflict resolution mechanisms is also the central axis of the global context. II. We are far from the bipolar system of post-war mundial.La fighting between the United States and China for international relations has done nothing but strengthen international relations. But the analogy of the cold war is not valid for characterizing the current reality. The economic relations between the two economic powers at the time were practically null and void, and it was a world of double standards. The economic and trade ties between the United States and China are today very strong in trade, production and finance and are the main strengths of the single globalised system. A comparison would be more appropriate to recognize the struggle between Britain and Germany before the 1914 World War in the era of first globalization. Strong and democratic multilateral institutions are therefore essential to avoid unexpected consequences in the current global system.

The third priority is the establishment of the global economic system as a framework for the protection of workers and citizens. The inequality generated by neoliberal globalization has generated mistrust and disengagement of citizens towards the international economic system. Other institutions and governance are needed for a fairer and more stable international economic system. The Biden government hardly predicts the passion to develop these three reconstruction axes.