The Pax Americana – the global order established after the collapse of the Soviet Empire – is increasingly being challenged especially by former imperial behemoths China and Russia. There is a growing chorus questioning the so-called “Washington Consensus” in favor of a “Beijing Consensus” in economic policy. As the United States ceases to be the sole superpower willing and able to maintain a global PAX, today there is an increasing global “disorder.”
Deepak Lal offers a study of the causes and consequences for this disorder, examining alternative claims for a desirable future economic policy. He argues that the origins of this increasing disorder lie, in part, in the great economic recession of 2008 in the United States, which has tarnished the free market based capitalism of the West. He examines how the U.S. (and its European outpost, the E.U), China, Russia, India and, potentially, Japan will be involved in this new “Great Game” and how their strategic decisions will determine whether we see a repeat of the past, with potentially another completely unnecessary world war, or if they will succeed in avoiding a reversion to their earlier types.