The inescapable trilemma of the world economy

Dani Rodrik dubs “the inescapable trilemma of the world economy”.

In a globalised world, a country can have economic integration, the nation-state or democratic politics, but not all three fully.

—The Economist, in ‘The tension between globalisation and democracy

It can choose integration and the nation-state but give up democratic control to technocratic, supranational institutions. It can choose integration and democracy, but give up the nation-state and disappear into supranational government. Or it can choose the nation-state and democracy by embracing impoverished autarky.