Collective provision is under-supplied for the usual reasons, but the single-guarantor arrangement is failing on its own terms: the guarantor is now rationing the good it claims to provide universally.
Freedom of navigation through global choke points is a commons that no single navy should be asked to guarantee.
Sustained disruption at two major straits has pushed insurance and routing costs into the broader price level. The arrangement that kept the sea lanes open was never treaty-based; it was a single power absorbing the cost and the discretion together.
The tension
A commons guaranteed by one actor is reliable but not legitimate; a commons guaranteed collectively is legitimate but chronically under-provided.
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Why Nations Fail
Daron Acemoglu & James A. Robinson ยท 2012
Places inclusive versus extractive political institutions, rather than geography or culture, at the centre of long-run prosperity.