The International Economic Order: A Future-Study Approach

This article aims to shed the light on the probable changes in international economic order. The hypothesis of study is that basic changes will take place in the economic system governing the world during the current century, due to coming new big players in to the international economic scene, weakening the position of leading economies, displace ments in political security system in the world and incidence of great international financial and economic crisis. The assumption is based on estimated reliable data pertaining to the economic situation of big economic powers and the said displacement during the coming decades. Different variables, including national power andpopulation show that US will not be able to continue it’s hegemonic position during next years. Economies like Brazil, Russia, India, and China (BRIC) have emerged as new regional powers which could challenge the hegemony of US. Hence, restructuring of global governing institutions is in the landscape: restructuring of the security council of UN in order to take more permanent members including India, restructuring of International MonetaryFund, World Bank, World Trade Organization so as to pay more attention to the egalitarian development, reforming the international settlement system and global currency reserve and also financial markets with a view to make global economy more stable and more balanced in terms of world demand, are among the main changes which have been analyzed in this paper.