Question

How does the world stand today in the world order and what is the change that has been seen after the cold war.​

Answer 1

Explanation:

Here is your answere dude

Answer 2

Explanation:

The global economic landscape has undergone profound changes since the end of the Cold War. After the global financial crisis, the world economy entered a “new normal,” and there are mounting challenges that need to be managed. Unfortunately, the global governance system has not kept pace with the scale and complexity of these challenges.

The postwar architecture of world economy was to a large extent fashioned by the United States, with the hope of reconstructing a liberal international economic system. The International Monetary Fund (IMF), the World Bank, and General Agreement on Tariffs and Trade (GATT) laid the foundation for the postwar global economic order, and international trade and capital flows gradually started to resume. To solidify its supremacy in the shadow of Cold War, the United States supported the economic development of its allies through aid, such as the Marshall Plan aimed at Western Europe and enormous funding directed to Japan during the Korean War. In the 1970s, however, U.S. hegemony began to wane, as a host of developing countries arising from the postwar National Liberation Movement flocked to the United Nations, pressing for a so-called New International Economic Order that would be more in favor in Third World countries. Moreover, the collapse of the Bretton Woods system in 1973 meant that the United States had to rely more on macroeconomic policy coordination mechanisms with other developed countries to maintain the international monetary order.

The eruption of the 1997–1998 Asian financial crisis sparked extensive suspicion of the manner of governance adopted by the IMF and the “Washington Consensus” behind it, and accelerated a rising awareness of regional cooperation across Asia. The outbreak of the 2007 subprime mortgage crisis in the United States, as well as the 2010 sovereign debt crisis in Europe, changed the long-established belief that developed economies are immunized from financial crises. As the international economic system has become increasingly incapable of dealing with the detection, prevention, and treatment of crises caused by the wave of globalization, regional or cross-regional economic governance platforms are playing an ever more important role. This development can be seen in the multilateralization of the Chiang Mai Initiative, the strengthening of the BRICS, and the rise of mega-regional free trade agreement negotiations like the Regional Comprehensive Economic Partnership (RCEP), Trans-Pacific Partnership (TPP), and Trans-Atlantic Trade and Investment Partnership (TTIP).