Political trilemma of the world economy

The political trilemma of the world economy is a concept created by economist Dani Rodrik to capture the trade-offs that governments faced in their responses to globalization. The trilemma holds that "democracy, national sovereignty and global economic integration are mutually incompatible: we can combine any two of the three, but never have all three simultaneously and in full." According to Rodrik, states embraced globalization and national autonomy in the late 20th century, but sacrificed democratic decision-making.

Source: Wikipedia — Political trilemma of the world economy (CC BY-SA 4.0)