ABSTRACT

Populism has begun to make surprising inroads in many parts of the world and anti-globalization is a rising tide in world politics, at least to some degree. A world order based on multilateralism in its more realistic sense in fact has been the most appropriate way forward, while a rules-based approach to global governance has constituted the best practice for an improved world. The end of the Cold War ushered in a new world order based on “hegemonic institutionalism.” most members of international society share the view that multilateralism is the most important principle of the world order. The process of globalization, continuously widening and deepening, has been accompanied by a dramatic spurt of growth in world wealth in general and in high-performing, emerging economies in particular. The world will have an order based primarily on multilateralism and will rely on multilateral institutions as its main governing mechanisms.