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Geopolitical Shifts in the Evolving New World Order

Author

Listed:
  • György Szapáry

    (Magyar Nemzeti Bank)

  • Dániel János Plósz

    (Hungarian Central Statistical Office)

Abstract

Recent geopolitical developments point to the emergence of a multipolar new world order. Globalisation brought about by the internationalisation of trade and the diffusion of technology has radically changed the impact of world powers. A hegemon today is much better able to extend its influence and enforce its interest worldwide. The purpose of this paper is to look at what are the key requirements for a country to reach world power status in the current globalised world and discuss which countries meet the conditions to have a credible chance of becoming a dominant player in the emerging new world order. The paper concludes that China is best positioned to challenge the economic dominance of the Unites States. The European Union does not punch its weight in influencing global policies, and the question is whether it will be able to or want to assume the responsibilities of a world power. For the Visegrad 4 countries and the other Central and Eastern European countries, as members of the European Union and NATO that are situated at the cross roads between East and West, it is of vital interest to reflect on what geopolitical shifts one can expect in the decades ahead.

Suggested Citation

  • György Szapáry & Dániel János Plósz, 2019. "Geopolitical Shifts in the Evolving New World Order," Financial and Economic Review, Magyar Nemzeti Bank (Central Bank of Hungary), vol. 18(4), pages 112-129.
    • Handle: RePEc:mnb:finrev:v:18:y:2019:i:4:p:112-129
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    References listed on IDEAS

    as
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    2. Mark Leonard & Jean Pisani-Ferry & Elina Ribakova & Jeremy Shapiro & Guntram B. Wolff, 2019. "Redefining Europe’s economic sovereignty," Policy Contributions 31321, Bruegel.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    hegemony; world order; Visegrad Countries; United States of America; China; Russia;
    All these keywords.

    JEL classification:

    • O10 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - General
    • O20 - Economic Development, Innovation, Technological Change, and Growth - - Development Planning and Policy - - - General
    • O30 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - General

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