5 facts you need to understand the new global order | World Economic Forum
According to statistics released by the World Bank, U. GDP amounted to Despite the monetary hegemony that the U.
Since the beginning of the twenty-first century, developing countries have maintained rapid economic growth, and their united strength is approaching that of the Group of Seven industrialized countries G7. According to IMF estimates, in G7 nations accounted for nearly Besides, they have begun to participate in top-level global governance design and thus play an increasingly important role in certain important global institutions.
This situation is reflected above all in the rise of the Group of Twenty G20 , which encompass major developed and developing economies, and acts as the most important platform for international economic cooperation. Unfortunately, developing countries have still not gained the status or voice proportionate to their strength and the momentum of their economic growth in the international economic system.
All in all, the redistribution of interests, obligations, and power entailed by the rise of developing countries will have an explosive impact on the international order. The question as to whether or not to accept and manage the rise of developing countries is key to deciding whether the current international system is elastic and stable.
Third, the new problems that have loomed large since the eruption of the global financial crisis called into question the liberal international economic system.
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As the principle of free trade marked the postwar global economic order, the past decades have witnessed large-scale economic globalization, and countries adopted reform measures and a policy of opening-up, handled international affairs in a cooperative manner, and coordinated effective policies. However, globalization has been ebbing in the wake of the global financial crisis for it revealed economic imbalances, inequality, and other social conflicts that had been concealed by rapid global growth.
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Having suffered from global financial woes, widespread unrest, and internal conflicts, people across the world became more concerned with injustice in the distribution and consumption of global wealth, and the pursuit of equity and justice has become an irreversible and increasingly popular trend. Instead, China aims to abide by current global rules and institutions while assuming deserved responsibilities commensurate with its international status. As Europe gained momentum, the United States took offense e. Meanwhile, some European nations began denouncing the manifestations of American hegemony the enormous expansion of U.
Another characteristic of the era which began in has been the emergence of the Third World. From the beginning of decolonization, these nations, which had nothing in common aside from poverty, sought to achieve solidarity.
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Such hopes, expressed at the Bandung Conference of , were at first frustrated. Yet, more recently solidarity began to emerge.
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