Joe Biden’s World Order
Many hope that, when US President-elect Joe Biden takes over in January, he can salvage, and even renew, the American-led post-1945 liberal world order. That's an understandable desire, but it is entirely unrealistic.
Many hope that, when US President-elect Joe Biden takes over in January, he can salvage, and even renew, the American-led post-1945 liberal world order. That's an understandable desire, but it is entirely unrealistic.
Fifteen years after the collapse of the US investment bank Lehman Brothers triggered a devastating global financial crisis, the banking system is in trouble again. Central bankers and financial regulators each seem to bear some of the blame for the recent tumult, but there is significant disagreement over how much – and what, if anything, can be done to avoid a deeper crisis.
TEL AVIV – In less than four years, outgoing US President Donald Trump has achieved what, historically, only devastating wars had done: recast the global order. With his isolationism, wannabe authoritarianism, and sheer capriciousness, Trump gleefully took a sledgehammer to the international institutions and multilateral organizations his predecessors had built from the ashes of World War II and maintained ever since. What now?
Many hope that, when President-elect Joe Biden takes over, liberal international arrangements can be salvaged, and even renewed. That would certainly be desirable. Unfortunately, it is an unrealistic hope. A post-Trump order appears to be more about a return to the inter-bloc competition of 1945 than to post-Cold War liberal euphoria.
For starters, the Biden administration will be consumed by the daunting tasks of healing the domestic wounds that Trump has inflicted and correcting America’s critical weaknesses, laid bare by the pandemic. The US’ recovery from the most divisive presidency in its history will be neither quick nor painless. Reforming America is a prerequisite to restoring its capacity for global leadership.
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