A world order in crisis and transition: contemplating its future

Deepak Nayyar ()

Brazilian Journal of Political Economy, 2025, vol. 45, issue 2, 235-252

Abstract: The object of this essay is to analyze the world order that was put in place at theend of World War II and examine how it has unfolded in terms of experience since then. Itoutlines the broad contours of change, which reflect shifts in the balance of economic powerin the world, analyzes the evolution of the present world order since it came into existence,divided into three phases each with a time span of a quarter century, and highlights some important manifestations of the multiple crises in the existing world order, to discuss possiblefuture scenarios for 2050. In doing so, it asks four questions. Are we witnessing the beginningsof a transformative change in the world order? Are we at the cusp of an emerging bipolarworld order, with the United States and China as the two superpowers? Are we movingtowards a multi-polar world, in which there will be another 8-10 countries that are alsokey players? Are we going to live with a fluid situation and a de facto continuation of PaxAmericana? The most probable outcome, the essay concludes, is that the existing world order,essentially the default option, will continue. JEL Classification: F52; F53; F54; F55; N0; N4.

Keywords: Evolution of world order; balance of economic power; globalization; nationalisms; multiple crises; multi-polar world; United States; China; Asia (search for similar items in EconPapers)
Date: 2025
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