And in America, the global rules are proving an important bulwark against protectionist backsliding.
There are currently no global rules on corporate governance, with different countries having different structures.
The furore about America's steel safeguards is another argument for clearer global rules about trade remedies.
ECONOMIST: Trade-remedy laws are damaging the world trade system
The Cypriot deal sets back the cause of the new global rules for bringing order to banking systems when crisis hits.
So we need global rules that prevent tax evasion and aggressive avoidance, and enable governments to collect the taxes they are owed.
But that so-called empire arguably was the global rules-based system, committed to abolishing slavery and to free trade and free movement on the seas.
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And unless Dodd-Frank is watered down, America could have problems meeting the global rules known as Basel 3 because they will rely more on ratings.
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Nonetheless the core question for China will remain what influence it will seek to bring to bear on the future evolution of the global rules-based order itself.
Asian companies increasingly turned to bond markets as European banks, traditionally the primary lenders to Asian businesses, pulled back from lending ahead of new global rules that require them to hold more capital.
But I actually think in terms of a strategic outlook, it remains the same -- which is both of our nations deeply engaged with China as it rises and we want to see China rise into the global rules-based order.
However, global trade rules do not apply to subsidies created by monetary means.
And Russia would be able to actively participate in shaping global trading rules.
However, the US authorities said India had imposed the ban to protect local industry and that it violated global trade rules.
WTO's critics, on the other hand, consider Cambodia's accession a textbook case of how the rich rig global trading rules to exploit the poor.
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Then he went on the offensive, insisting that Boeing is receiving plenty of subsidies of its own - some of which might be contravening global trade rules.
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And each deal tends to enshrine the preferences of its largest member, making it harder to bring regional blocks together within a cohesive set of global trade rules.
FSCs was carefully crafted to comply with global trade rules.
Guided by a radical theory know as Capital Export Neutrality, the OECD wants to impose global tax rules that would prevent taxpayers from ever having the ability to benefit from better tax law in other jurisdictions.
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Secondly, as Chinese companies expand outside China, they become members of the global community, and as such, are required to comply with global standards and rules, wherever their operations are located.
That would breach one of the few intact rules of global finance, that banks never let foreign subsidiaries fail.
Major firms lobby governments around the world for deregulation or for global negotiations to harmonise rules or, better yet, for self-regulation.
As such, the Convention helps to formalise global anti-doping rules, policies and guidelines in order to provide an honest and equitable playing environment for all athletes.
So will the result be global standards or just new rules for the U.S. banks?
Times have changed and leaders must now rapidly comply with the new ground rules that the global market has placed upon them.
Bringing them in can only increase the contradictions in trying to deliver diverse bespoke services on a global scale, following local rules in a standardised way.
For more than a century, the global communities worked to develop rules that govern conflicts among nations, including concepts of proportionality, and distinction between combatants and civilians.
Celent released its report last week, as foreign regulators warned the U.S. Commodity Futures Trading Commission (CFTC) that its proposed new derivatives rules could brutalize global markets.
That means consistent and fair rules for the global economy.
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