World facing ‘unpredictable anarchic disorder’, says economist

KUALA LUMPUR: The world today is not experiencing a coherent “new world order” but what could be described as an “unpredictable anarchic disorder” marked by militarisation, weakening multilateralism and widening inequality, said prominent economist Jomo Kwame Sundaram.

Speaking at a public lecture titled “What is at Stake in a Fragmented World Today: Rethinking Peace, Imperialism, and the Global Disorder” at the International Islamic University Malaysia (IIUM) here recently, he said what is often described as a “new world order” was neither entirely new nor fully reflective of a structured global order.

He said an order should be coherent and self-sustaining, but the current global system had become increasingly unstable due to financialisation, privatisation, fiscal and debt crises, stagflation, slower growth, rising inequality, poverty, and hunger.

“The world today is not really an order. It is becoming a kind of unpredictable anarchic disorder,” he said.

Jomo traced the evolution of global power structures from Pax Romana and the Holy Roman Empire to Pax Britannica and the current Pax Americana, noting that earlier periods of dominance were associated with relatively clearer systems of power.

Jomo said the present global economic structure had shifted away from meeting the needs of the people, with many governments placing greater emphasis on military spending over public welfare.

He said such trends had become more pronounced in recent years, with major powers increasingly relying on economic and strategic measures, including sanctions and tariffs, to advance national interests.

With the rise of militarisation and “hard power”, Jomo said there appeared to be less emphasis on multilateral engagements, with some countries preferring bilateral arrangements that could offer greater strategic advantage.

He cited the withdrawal from the Trans-Pacific Partnership Agreement (TPPA) as an example of what he described as “a transactional approach based on one-time, zero-sum dealings”.

He said “there is a logic to the madness,” but warned that treating “a leader with no sense of rational calculation was a mistake and could be dangerous.”

He added that this transactional approach was often based on zero-sum thinking, where gains by one party were seen as coming at the expense of another.

Jomo said such an approach could indirectly legitimise corruption by creating the impression that policies were transactional and could be treated as being “up for sale”.

He said that, despite discussions in some quarters about adopting a more independent approach in global affairs, there were indications that militarisation was continuing to gain prominence internationally.

Jomo said recent developments involving the expansion of defence-related industrial activities reflected this broader trend.

He also stated that efforts by advanced economies to safeguard their strategic and economic interests amid the rise of the Global South were not new.

The lecture also featured Dr Sh Fatimah Alzahrah, Deputy Dean (Academic and Internationalisation) of the International Institute of Islamic Thought and Civilisation, IIUM, and Farwa Sial, Head of Research and Advocacy at Asia Region IDEAS, who joined via Zoom, as discussants.

The event, hosted by Citizens International in collaboration with PACE (Palestine Centre of Excellence) and IIUM, was attended by academics and students, with participants also joining via Zoom.

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المصدر: New Straits Times