Unipolar Western Hegemony Crashes Into Brick Wall — Expert
This Oct. 24, 2016 file photo shows dollar bills in New York
As global institutions like the UN, the IMF, and the WTO struggle to contain escalating world crises, Russian President Vladimir Putin’s speech at the Valdai Discussion Club reflects a deep strategic grasp of major geopolitical trends, political analyst Hassan Hardan told Sputnik.With China, India, and Brazil emerging as new power centers, the world is entering a transitional phase, where Western dominance is fading, and rising powers will no longer sit on the sidelines of decision-making as mere spectators.Putin’s remarks are also grounded in experience, the expert adds. Western sanctions against Russia exposed the danger of depending on US-led financial and trade instruments like SWIFT.Instead, Russia proposes an alternative where:States use national currencies in trade exchanges and independent financial payment systemsFocus is placed on the concept of national sovereigntyStates choose their own political, economic, and cultural models instead of adhering to imposed valuesThe new world order, however, is unlikely to emerge from an international conference. Instead, it will take shape gradually — as the West refuses to relinquish its privileges within existing international institutions.Deep distrust between West and East, compounded by sharp polarization over national security and global stability, makes reaching common ground a hard task, Hardan concludes.
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