The global order is deteriorating before our eyes. The relative decline of U.S. power and the concomitant rise of China have eroded the partially liberal, rules-based system once dominated by the United States and its allies. Repeated financial crises, rising inequality, renewed protectionism, the COVID-19 pandemic, and growing reliance on economic sanctions have brought the post-Cold War era of hyperglobalization to an end. Russia’s invasion of Ukraine may have revitalized NATO, but it has also deepened the divide between East and West and North and South. Meanwhile, shifting domestic priorities in many countries and increasingly competitive geopolitics have halted the drive for greater economic integration and blocked collective efforts to address looming global dangers.
Rodrik, Dani, and Stephen Walt. "How to Build a Better Order: Limiting Great Power Rivalry in an Anarchic World." Foreign Affairs 101.5 (September/October 2022): 142-155.