The Transformation of the World Order
By Benyamin POGHOSYAN, PhD, Chairman, Center for Political and Economic Strategic Studies
The 2007-2008 world financial crisis triggered discussions about the inevitable decline of the post-Cold War unipolar order, marked by absolute US hegemony. The Arab Spring, the 2014 Ukraine crisis, the Syrian civil war, and the botched US withdrawal from Afghanistan in 2021 contributed to the ongoing debate about the relative decline of the US and the rise of other powers. The growing influence of non-Western institutions, such as the association of Brazil, Russia, India, China and South Africa (BRICS) and the Shanghai Cooperation Organization (SCO), attempts to abandon the US dollar in bilateral trade, and the establishment of alternative international financial institutions, such as the New Development Bank of BRICS and the Asian Infrastructure Investment Bank, seemed to shatter the undisputed leadership of Western political and financial institutions and the role of the US dollar as the only global reserve currency. The growing economic and military strength of China, the more assertive foreign policy of Russia, and India’s balanced foreign policy seeking to pursue cooperative relations with the West and Russia were signs of the changing nature of international relations. READ MORE
