Re: World Orders And The New World -By Collins Akinujomu

The world is fast approaching one world order and a single system of governance than ever before, findings has begin to study orders that has took place, the existing one and to explore ones to come

I have watched the video of the findings and study of the billionaire investor Ray Dalio titled: Principles For Dealing with the Changing World Order, and I have considered it essential to put my reflection and learnings into writing 

What is Order: Ray Dalio put it as a governing system for people dealing with each other. 

There are internal orders that is outlined in the constitution of a country and operate within the territorial jurisdiction of a particular country 

External or world orders, these are orders for governance between countries which are entrenched in treaties and agreement and spell out how global governance work, internal order changes often than world orders 

For internal orders, it usually dominant for a particular period of time and therefore decline after a major civil war within such country, for external orders they take place when revolutions and wars between countries occur at historical intervals 

In the US, an internal order was outlined in the 1789 Constitution after the American revolution that is still in operation till date 

Russia established a new internal order in 1917 through the Russian revolution that lasted through it decline in 1991 through bloodless revolution breaking away the Soviet Union states 

China established its current internal order in 1949 when the Chinese communist party won the Chinese civil war under the leadership of Mao Zedong, in the case of Nigeria, a new internal order was customarily established after the civil war of 1967-1970, one that is considered as one of the bloodiest civil wars in the history of the world, in this order marginalisation became a dominant feature in the political administration of the country 

Ray Dalio took the study of world orders in the last 500 years, by studying the major empires and currency reserves that has assumed the world orders, the major empires that has held world orders are 

Dutch Empire, Ottoman Empire, Japanese Empire, Spanish Empire, British Empire and US Empire and it’s dollar 

To understand each empire and their power 8 metrics (strengths) is used as a determinants they include, Education, Technology development, Competitiveness in the global market, Economic Output, World Trade, Military Strength, Financial Capital and Currency (as a reserved currency) 

Metrics determine how powerful a country is and determine it’s rise and decline, every world orders begin after a major conflict between two or more powerful nations 

The current world order was formed after the  second world war in 1945, the order is also known as the American Order, this order was formed after the allied victory of WWII and US became a dominant world power

As a result, the New World Monetary System was laid out in the Brettonwood Agreement of 1944 that birthed the International Monetary Fund (IMF) establishing the US dollar and it’s gold as the world leading reserve currency 

Reserve Currency is a currency accepted around the world and by accepting a country’s currency as world reserve currency, it’s a factor for such country to essentially rise to become the richest and most powerful empire, With the establishment of a new monetary system bringing America as the dominant empire and the dollar as the reserve currency, a new world order has begin

By studying the sequence from each countries, it can be see how circles of order transpires, world order is divided into 3 faces , the RISE, the TOP and the DECLINE

Every order that arise both internal and external are usually started by powerful revolutionary leaders through 4 major stages, they win power by gathering support from the people, they consolidate power by weakening or eliminate the opposition, they establish systems and institutions to make the country work well and lastly they carefully pick successors. As a country becomes the largest international trading empires, transactions will be paid with its own currency making it the preferred global medium of exchange, and with people saving in it, it makes it the preferred shareholder of wealth and thereby becoming the world reserve currency, RUSSIA knew this and therefore placed a ban on the US dollar since the outbreak of the Russian-Ukraine war and accept only the Russian Ruble as a medium of exchange at national and international transactions

During the Dutch world order the currency was the Guilder, the Pound during British order, Dollar has been since the American order, the country with the reserved currency has advantage to borrow more than any other country and then make larger profit thereby becoming increasingly more wealthy 

With the current global competitiveness between the US and China, Chinese Yen has been projected to assume the next world reserve currency and making the new world  order to come a Chinese Order.

Collins Akinujomu 

Department of Political Science,

Adekunle Ajasin University.