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The Making Of A New World Economic Order In The 21st Century

Author

Listed:
  • TOMA SORIN-GEORGE

    (FACULTY OF BUSINESS AND ADMINISTRATION, UNIVERSITY OF BUCHAREST, BUCHAREST, ROMANIA)

Abstract

After the end of the Second World War, two opposing economic systems began to dominate the world economy: Western capitalism and Eastern communism. They were not only in an economic competition but also in a political, social and military competition. This bipolarity lasted until the Fall of the Berlin Wall when the liberal capitalism finally triumphed. On the one hand, the last decades were characterized by the rapid expansion of the economic globalization all over the world and the preservation of the long domination of the American economic superpower. On the other hand, the emergence and development of the BRICS (Brazil, Russia, India, China, South Africa) organization constitute an attempt to counterbalance the global institutions dominated by the Western countries. The paper aims to present and briefly analyse the gradual change of the world economic order in the beginning of the 21st century. To attain the goal of the paper, the author utilized a qualitative research method. To attain the goal of the paper, the author utilized a qualitative research method. The results of the study show that the old economic order that has governed the world economy since 1944 has been significantly deteriorated, especially in the last decades. This is why a new and more equitable economic order which should promote multilateralism is needed at the global scale.

Suggested Citation

  • Toma Sorin-George, 2024. "The Making Of A New World Economic Order In The 21st Century," Annals - Economy Series, Constantin Brancusi University, Faculty of Economics, vol. 5, pages 193-199, October.
  • Handle: RePEc:cbu:jrnlec:y:2024:v:5:p:193-199
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    References listed on IDEAS

    as
    1. Sorin-George Toma & Andra Modreanu, 2022. "Competing for Dominance in Global Banking," Ovidius University Annals, Economic Sciences Series, Ovidius University of Constantza, Faculty of Economic Sciences, vol. 0(2), pages 227-233, Decembrie.
    2. Sorin George Toma, 2005. "Fordism, Postfordism and Globalization," The AMFITEATRU ECONOMIC journal, Academy of Economic Studies - Bucharest, Romania, vol. 7(17), pages 135-138, April.
    3. Jeffrey A. Frankel, 2000. "Globalization of the Economy," NBER Working Papers 7858, National Bureau of Economic Research, Inc.
    4. Sorin-George Toma & Paul Marinescu & Catalin Gradinaru, 2017. "In Search Of The Global Economic Supremacy: China Versus Usa," Annals - Economy Series, Constantin Brancusi University, Faculty of Economics, vol. 1, pages 227-233, December.
    5. Sorin-George Toma, 2024. "The Largest Global Retailers in the COVID-19 Pandemic Period 2020-2021," Ovidius University Annals, Economic Sciences Series, Ovidius University of Constantza, Faculty of Economic Sciences, vol. 0(1), pages 542-548, August.
    6. Ştefan-Alexandru Catană & Sorin-George Toma & Andreea Barbu, 2021. "The Effects of the COVID-19 Pandemic on Teleworking and Education in a Romanian Higher Education Institution: An Internal Stakeholders Perspective," IJERPH, MDPI, vol. 18(15), pages 1-17, August.
    7. Sorin-George Toma & Grădinaru Cătălin, 2020. "Global Retailing: An American Business?," Ovidius University Annals, Economic Sciences Series, Ovidius University of Constantza, Faculty of Economic Sciences, vol. 0(1), pages 99-103, August.
    8. Daniel Susskind & David Vines, 2024. "Global economic order and global economic governance," Oxford Review of Economic Policy, Oxford University Press and Oxford Review of Economic Policy Limited, vol. 40(2), pages 189-219.
    Full references (including those not matched with items on IDEAS)

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