New Economic Order

For much of the 20th and early 21st centuries, the global economy has been characterized by a Western-centric order, a near hegemony dominated by the United States and Europe.

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This "Old Boys' Club" wielded considerable influence through bloc politics, zero-sum game and arm-twisting of international institutions.

Because old-fashioned economic order has been infested by gazillion contradictions, injustices and disparities widening gap between rich and poor, many have already expected its doom in phases. However, instead of bit by bit, decay has raced toward its terminal ending as a result of recently created the US's "tariff extremism" around the globe. Since US's tariff offensive eclipsed friends and foes, the contours of new global economic system are in making with leading forces of emerging markets such as China and global south.