Is a new world economic order emerging? | Counting the Cost

Economic integration and globalisation, the free flow of trade, with the United States at the helm: that is the economic order the world has known for decades.

Today, the disintegration of the rules-based old world order is evident.

Countries are becoming more inward-looking, regulatory fences have been erected, the World Trade Organization is in limbo, nations are racing to build industries of the future and trade restrictions are increasingly being imposed.

The system that has governed the global economy since World War II is at a tipping point.

Who will shape the rules of the future? The US, China or BRICS?

[Greggsberdard]

I do believe Every crash/collapse brings with it an equivalent market chance if you are early informed and equipped, I've seen folks amass up to $1m amid economy crisis, and even pull it off easily in favorable conditions. Unequivocally, the collapse is getting somebody somewhere rich

[sirheisenberg]

The economy is grappling with uncertainties, global fluctuations, and pandemic aftermath, causing instability. Rising inflation, sluggish growth, and trade disruptions need urgent attention from all sectors to restore stability and stimulate growth.

[Leah-oq]

Every crash/collapse brings with it an equivalent market chance if you are early informed and equipped, I've seen folks amass up to $1m amid economy crisis, and even pull it off easily in favorable conditions. Unequivocally, the collapse is getting somebody somewhere rich.

[hud]

I tried to understand life in the west from a capitalistic viewpoint. Unfortunately, without history, most major corporations can’t be explained from a “produce profit, re-invest” viewpoint. You need slave labor and environmental destruction to create a system where some people fly around on private jets to their many homes around the world, while others drink muddy water outside their hut.

We don’t need “society”, we need the planet and human cooperation. It’s obvious politics aren’t designed to enriches the people or bring them together but maintain old hegemony gained through enslavement and violence

[leemartinez]

The US is starting to adopt a mindset that other countries must step back for the US to succeed. The US wants to seal itself off from the global economy and produce everything within its borders. That is fine but the prices Americans will pay are less selection of goods at higher costs. Living outside the US for years gives Americans a broader view of the World. If the US continues to insist on trade agreements that only benefit the US, other countries will slowly isolate the US and develop trade agreements without the US.

[darkmatter]

"rules-based old world order"
This is really funny. 😅

[winter_silhouette]

The real problem is that the rules based world order cared neither for rules or for order and hardly any of them were held accountable for their actions.

[cityofgardenerssg]

There is no rules based international order at all. Whoever says this is basically saying 'US-based'. Stop all the lies

[frankietam]

The gentleman from Singapore has very insightful understanding of the issue between the west and China. It is not ideology that the West used to convince people why they are hostile to China, simply the West do not want their superiority to be shared out with other country with improvements catching up them. In other words, all about narrow minded and self interest.

[jackshultz]

When I look through most of the western media, I get assurances that the world is a long way from “de-dollarization”, but a line keeps coming back to me from an American novel in which the character is asked about how his bankruptcy happened and he answers “Slowly, then all of at once.”
The US national debt stands at over $34 Trillion, it continues to increase its debt, and interest rates on its are rising.

[alejandroestevez]

As a child, I thought I would never witness the fall of Western dominance over the rest of the world. Fortunately, it's happening much faster than I expected.

A multipolar world order offers more possibilities for developing countries and forgotten nations than a world in which one superpower prevails over the rest.

[waichui]

The old economic order HAD already collapsed. What you see today is the transition to a new order.

[trandyz]

U.S make law but don't abide by the laws she makes, then force everyone to follow those laws.... U.S and Europe problem is world problem, but Africa problem is Africans problem

[arktseytlin]

This is all good. Myths are shuttered, rose glasses removed. Everyone sees reality a lot better.

[cjyldwe]

Economic Revolution ! Hefty tax rates for the poorer countries whereas their natural resources, the uranium, coal, gold, iron ore, tin, phosphates, petroleum, molybdenum, salt, and gypsum, diamonds are on daylight siphoned by the west, leaving nothing for the natives if any the old folks on power enjoys the little price ! I welcome the BRICKS to counter the old global economic market systems ❤

[anwarmi]

No discussion on weaponisation of dollar by US, increasing the urgency for an alternative system.

[khaledadams]

I agree with the gentleman from Singapore 100%. His views were so well articulated.

[jaroslawpiotrowski]

The most important issue is not addressed in this material - in the last 10 years the printing of USD has been so great - that it has less and less value. Similarly, American bonds are also losing value - so confidence in USD is decreasing.
USD is also used as a weapon, and the IMF depends mainly on the USA and Europe - so the BRICS countries cannot count on fair and equitable treatment.
PS. USD, like other currencies, dominates the world for about 100 years, and then it loses value - and new currencies emerge. This was the case with the Dutch guilder, and it will also be the same in USD.

[happykitten]

May Peace and LOVE be Upon ONE and ALL

[ichifish]

These kinds of thorough evaluations are why I subscribe to Al Jazeera. Thanks!