Rise of the Rest: The Challenges of the New World Order

As the US confronts economic crisis and immense debt, the nation can no longer readily afford initiatives that benefit the globe, from funding research to removing dictators. Power has shifted from the US and Europe toward India, China, and Russia, as well as the Arabian Gulf states; lacking a single dominant power that can act alone, the world must adjust to groups of nations resolving global conflicts, such as global warming, nuclear proliferation and terrorism, while also competing for limited resources, suggests Wolfgang Nowak of Deutsche Bank. A number of renowned authors propose new alliances and structures for nations resolving global issues, and Deutsche Bank is launching an international project to assess and organize the agendas of traditional and emerging powers. Despite varying goals and visions for the future, the leading nations have many interconnections. “New forms of international cooperation, consultation, and compromise will have to play a central role in a multipolar world,” Nowak writes. “Needed are new forms of international governance.” – YaleGlobal