While a global economy produces demands for regulation essential for the stability of the economic order, it is evident that the reach and capacity of the nation-state to provide this has been eroded. Effective regulatory institutions need to cut across global, regional and national levels.
One of the striking things about the SARS crisis is that it underlines how vital public goods such as health systems are for global economic stability; at the same time the very process of economic transformation in a country such as China is eroding these fundamental common resources.