Now, some twenty-five years later, it is clear that no benign new world order materialized. What exists in many parts of the world as well as in various venues of international relations resembles more a new world disorder. If there were a publicly traded stock called “World Order Incorporated,” it would not have crashed, but it would have suffered a correction, losing at least 10 percent of its value. The world might even be entering bear market territory, something normally associated with a fall of 20 percent. What is worse, no rally is in sight; to the contrary, the trend is one of
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