The actual effectiveness of national-level regulation is heavily contingent on breakout time. (The time elapsed between initial detection of something wrong to being irreversible)
If it’s 2 years, there’s sufficient time to go through all the paperwork and then coordinating Washington, Beijing, Brussels, Moscow, New Delhi, Tokyo, etc., in something approaching lockstep, is quite feasible, provided political decision makers are willing to sacrifice some other political goals in a type of mutual trade.
If it’s 2 days, then commitments, or even concrete decisions, are nearly irrelevant since the bureaucratic apparatus can’t possibly respond fast enough.
So for the former case there might be substance behind the commitments, for the latter case there couldn’t even feasibly be any substance.
The actual effectiveness of national-level regulation is heavily contingent on breakout time. (The time elapsed between initial detection of something wrong to being irreversible)
If it’s 2 years, there’s sufficient time to go through all the paperwork and then coordinating Washington, Beijing, Brussels, Moscow, New Delhi, Tokyo, etc., in something approaching lockstep, is quite feasible, provided political decision makers are willing to sacrifice some other political goals in a type of mutual trade.
If it’s 2 days, then commitments, or even concrete decisions, are nearly irrelevant since the bureaucratic apparatus can’t possibly respond fast enough.
So for the former case there might be substance behind the commitments, for the latter case there couldn’t even feasibly be any substance.