The 20th century’s international order, which installed the United States, Europe and Japan in dominant positions, is ending. New powers are emerging to challenge a system arranged within the framework of U.S. and European multilateralism. Transitional processes necessarily breed chaos and uncertainty. This is the global situation to which our economies and political systems must adapt.
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Relevance beyond the crisis: The impact on East Asia
The COVID-19 crisis has reduced China’s clout and the economic damage it has done could force Beijing to pull back from many of its overseas commitments. Many states will look to diversify their economies away from dependence on the aspiring regional hegemon. It could provide an opportunity for Japan, which could step into the vacuum as an influential regional power and investment destination for high-tech industries.