99. In Quest of a Multipolar World Order – Promises and Perils

Today, our discussion comes from our archived seminar: In Quest of a Multipolar Economic World Order – Promises and Perils, which was recorded in March of 2021. Our talk is hosted by our Director of Education, Dr. Ibrahima Drame, and Alana Hartzok, an environmental activist and ethicist. For our talk today we’re joined by Dr. Michael Hudson and Mr. Pepe Escobar.   Dr. Hudson is the president of the Institute for the Study of Long Term Economic Trends, and a professor of economics at the University of Missouri–Kansas City as well as the School of Marxist Studies at Peking University, in China.   Mr. Escobar is a Brazilian journalist with extensive experience in Southeast Asia and the Middle East. He is the author of several books on globalization: Globalistan, Empire of Chaos, and many more.   As the British Empire began to fall and World War II came to a halt, a new world order was created. A new hegemon, the United States, was established, creating the rules-based system of international governance we see today.   International institutions, such as the United Nations (UN), World Bank, or the World Trade Organization (WTO) were established to create forums and processes for nations to amicably settle disputes. As the leader in this newly created order, the US benefited from the growing economic and diplomatic ties between themselves and the international community. However, as time passed, the US became less competitive and increasingly unequal as its future competitors developed.   Fast forward to today, and the current order is beginning to be challenged. China has a comparable status to the US economically, militarily, and technologically. Russia has waged war in Ukraine, ending decades of inter-country peace in Europe. Smaller and medium-sized nations, like Iran or Turkey, are playing an outsized role in international affairs and conduct themselves with increasingly precarious behavior.   With the decline of the US, questions about the global order it established are beginning to arise. Some believe that the very hegemonic status itself was the cause of many global ills. Within this criticism lies the desire for a multipolar world, or one that has many leaders, not just one. However, history has shown that challenges to established orders or incumbent hegemons can lead to tumultuous times. Our guests today help us understand how things could play out in the coming decades. Will this be an opportunity to fix unaddressed concerns or another flashpoint for conflict? Looking at the world through geopolitical and economic lens, we can answer some of these questions.     Dr. Hudson is a consultant to governments across the world for nations like Latvia, China, and Iceland. Pepe is the editor-at-large for Asia Times and is a veteran geopolitical analyst. These two are seasoned geopolitical commentators and are the perfect guests to answer some of our questions.   Together, we discussed how imperialistic tendencies led to problematic behavior by the US, why China developed so rapidly while the US stagnated, and why South American countries pursued neoliberal policies in the 70s and 80s. To check out more of our content, including our research and policy tools, visit our website: https://www.hgsss.org/