For most of the people, there might be no new world order but things have changed a bit since we’ve had unipolarity for quite some time. Globalization and capitalism have delivered quite rippling effects and the ones who are able to control international trade will be the new world leaders.
Recent trade wars and pandemic hitting the global economy has caused a major makeshift in the minds of people and investor communities. Markets are still not able to come back to normalcy and it has been greatly realized that the existing systems do not bear any fruits for the masses with such a huge number of people laid off from their jobs.
The world has experienced almost all the leadership styles ranging from authoritative, autocratic, democratic, and other variations of leadership styles. No leadership instance has been able to dominate the world yet, and we assume that there is a dire need for further cooperation and mutual discussion forums.
Democracy and adaptive attitude in real terms
Recent leaders who have turned to the big stages have found to be authoritative and flexing their arms in terms of the power they have. This hasn’t sent a great precedent for the financial markets and the economic experts have found themselves second-guessing during these times. Prices of oil dropping negative were a real eye-opener and much trust doesn’t exist on the traditional commodities.
Masses are looking for alternative solutions where they can have minimum interference of political players and third parties. Online trading has been crucial in recent times and the surge in the usage of platforms like bitcoin supersplit has been quite interesting for economic experts.
The impact of this domain is evident from the fact that this was on the agenda of World Economic Forum 2020 to integrate traditional modes of the economy with a technology-based token economy and online trading. With authorities trying to exert more control over the users and markets, this has served a great escape route for the masses.
It was rightly highlighted by the Supreme Court of India when they lifted the ban on banks dealing with cryptocurrency firms that the Indian economy would soon be left out if they won’t allow this to happen. There is a great makeshift in the minds of people and technology adaptation is the way to go for global financial regulators.
It is crucial to inculcate better democratic values at the decision-making forums and devise policies that are sustainable globally. This has been rampantly observed that if any geographical region gets affected, it can lead to a global disaster. So peace and harmony existing at all places is a dire need for globalization to reap its benefits.
If this isn’t done as early as possible, then we are already seeing that markets are not going to show many positive signs till the end of this year. It can persist for a longer period if the cooperative platform is not achieved for all the leaders to interact with. Power resting in few hands hasn’t been beneficial for the masses, global leaders need to rethink their strategy once again and try to attain global harmony.