The past year has seen states and international organizations
continue their fight against the challenges posed by the
Covid-19 pandemic. But behind the rush and rhetoric of the
“state of emergency”, there have been growing signs of a more
comprehensive transition, which is likely to call into question
not only global and intra-regional balances of power but also
the fabric of principles, rules, and decision-making procedures
that govern the political, economic, and environmental
dimensions of international relations. This transition comprises
multiple layers that inter-relate in changing and unpredictable
patterns. In the meantime, we are seeing a massive shift in the
hierarchy of international power and prestige. On the surface,
this manifests itself in the growing rivalry between the United
States and China, but deeper down it points to the much more
historically significant fact that pivotal importance is ebbing
away from Europe and the West. In conjunction with the
former, the global structures of the international economy are
undergoing such profound change as to call into question the
the balance between state and market.

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