No doubt that Mark Carney gave an evocative speech and spoke some
truths. But the interpretation that the “rule-based-order” that has helped
govern international trade and keep peace is dead or dying is
histrionics.
What the world is going through is a forced reboot that ought to
have happened voluntarily a long time ago - to accommodate the dramatic shifts
in global economy, with populous nations like China, India, other
low-and-middle-income nations becoming major economic powers in their own
right.
From what seems like “rupture” of the existing system will evolve
a new fair and democratic multipolar global order - which will be closer to
balance (rather than a single hegemonic system) and account for the world’s
population and economic distribution more equitably.
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