5/ But on a more hopeful note, a robust tax and transfer system can help protect against such a result, preserving multilateralism on other fronts, such as trade.

4/ Ultimately, the story of the global tax deal is a contingent one. Dissatisfaction with globalization that led towards tax multilateralism can just as easily lead to nations to turn inwards, away from all forms of international economic governance, as we are now seeing.

3/ And I also explore the alternative, and darker, geopolitical vision with which opponents of the global tax deal are aligning themselves, perhaps unknowingly.

2/ In it, I contend that the global tax deal represents a new version of international economic governance that is aimed at a more equitable distribution of the gains from globalization from both international and intranational perspectives.