The aim of this article is twofold: first, it seeks to address the question of why the competitive knowledge economy orientation that emerged in certain economically advanced states as a response to the crisis of Fordism came to be embraced by the Indian and the Brazilian states from the late 1980s onwards. Second, it aims to elucidate the manner in which the goal of becoming competitive knowledge economies has been articulated and implemented locally, especially from the mid-1990s onwards, by key fragments of the Indian and the Brazilian states. Drawing on insights from the competition state, regulation school, knowledge economy literature and that on India and Brazil, attention is paid to the context- and conjuncture-specific domestic and international factors that have contributed not only to the adoption of the competitive knowledge economy orientation, but also to the necessarily distinctive ways in which it found expression in practice in India and Brazil.

This article challenges conventional narratives that suggest that the travails in the Doha Round, the shift to bilateral free trade agreements, and the broader unfolding of the global crisis collectively presage the decline of either the WTO or the broader institution of multilateral trade. We question the extent to which recent trends can indeed be said to constitute a genuine crisis of trade multilateralism by reflecting upon the contradictory and ambiguous nature of the multilateralism of the past, and also upon how contemporary multilateralism has been framed with reference to it. Our main finding is that, in contrast to the many short and medium-term symptoms which tend to appear in the conventional story of multilateral decline, there is actually a far more worrying long-term trend which underpins the varied conflicts that characterise contemporary trade politics: the fundamental lack of a shared social purpose between the developed countries and the more powerful emerging countries on which a stable, equitable, and legitimate edifice of multilateral trade rules can be erected, institutionalised, and enhanced.