Global AI Governance: US, EU, and China Recognize Need for New Rules

The rapid advancement of artificial intelligence is prompting a global debate on governance, with the United States, the European Union, and China each proposing distinct regulatory approaches. Despite their differences, all three recognize that AI is too powerful, pervasive, and interconnected to be treated as ordinary technology. The discussion is framed by historical precedents: industrialization led to labor regulation, global finance to international banking standards, and climate change to new forms of international cooperation. Institutional economist Douglas North's observation that institutions evolve in response to changing economic conditions and uncertainties is cited as a relevant framework. The article, published in the South China Morning Post, argues that AI may be the latest example of this institutional evolution, requiring societies to redesign governance structures to manage its transformative impact on manufacturing, finance, healthcare, education, scientific research, and government decision-making.