officials in athens is that to close at some of the historic sites that due to the afternoon temperatures, we seen temperatures well into the forty's here. they will be coming down, however, across the bulk and somebody's coming in the form of west. so whether it's still sitting pretty high across the south, west for spain, thanks to a heat wave. we will see those numbers start to come down as cooler blows in. however, across the west, that's thanks is trailing weather front, bringing whatsoever across person and the island of island saturday into sundays, some heavy rain as well in to fronds ahead of that. we've got those stones of bubbling up across the bulk and also for the baltic states pushing into western russia. and as that system works, its way to most central areas, we're going to see some very heavy rain push into central parts, but also into scan tonight. you will see that rain in also on monday as the

. busy i made or instead of going and this is counting the cost on, i'll just see where you are. we can look at the world business and date of the spring theorist says domination of the global economy, it's a decades, but the world is friendship by geopolitical tensions. globalization is facing a backlash. is the economic or the change, or is it the u. s. versus china? the trade war between the 2 nations as heating up competition between washington and the aging could accelerate the collapse of the old system. so what's the alternatives? developing nations are formed. economic alliances like bricks to count up the dominance of the west. but when it book, the economic integration and

globalization, the free flow of trade with the us for held, that's the economic go to the world is known for decades today though, this integration of the rules based world order is evident for all to see countries of becoming more inward looking regulates re fences have been erected. the world trade organization is in limbo, nations or racing to build the industries of a few chips and trade restrictions are increasingly being imposed by the system that's governed the global economy. since the 2nd world war is at a tipping point now, both and ever so is a new world order emerging. we'll discuss that with, i guess shortly. but 1st, let's listen to what some leaders have to say about the old one of the poor countries have bein and being a pest and title lies by the rich countries. naturally, the poor i'll be to an angry and have lost faith in justice and on

global political economy, government created more than 6 decades. i have not kept pace. the changing realities of the word functional, understand really metrics remains the one dynamic elements in the global economy. and as such, they will account for a significant share of trade changing. sure time would you also find out where the 5, the development of the emerging market and developing countries is not intended to move the cheese, but to make the pie of the global economy. because we should push forward the establishment of governing models and rules which will balance and inclusive, we should push forward the reform of the global economic governance system to reflect the current structure and realities. you know, it can be been a want to keep the whole spike each night. i asked myself, why should every country have to be tied to the dollar for trade?

why can't we trade in our own currency if you don't know before they move in? why don't we have that commitment to intervene? report discovery with an uber with the union. we are against any kind of a gemini or exclusivity propagated by some countries and the new policy of ongoing colonialism near colonialism based upon this assumption. and the way we have to reform, global economic, financial and political as well as the most to little trading system so that we can create it, couldn't just safe environment for veterans. let's introduce you to a panel of experts and get a quick reaction from them. from single pull we're joined by denny clauses, dean and location professor at economic at the national university of single pul from johannesburg, which went by rena bureau son, who's a senior research at the institute for global dialogue and a specialist on the bricks block. and finally, at london, philip lagrano, who was a political economist and full of special adviser to the director general of the

world trade organization, di is the, will older, the old world order, close to collapse. i don't think so much is close to collect spite. so it's certainly being question from all sides. the clips that you showed, the clips that we heard a few minutes ago with ones that were from what sometimes we think of as the global self. and they were critical of the international economic for the one of the interesting turnarounds, is that today the advanced economy used to reach economies out also critical of the international economic order. and how this comes out is going to be really interesting going forward. i don't think that we're going to have to be thinking about how we, we think categories it might no longer be brakes on global south or west versus east. but more groups of countries that have an adherence to economic

performance that dynamic and forward looking. a keen to emphasize trade key to think about building out. you can all make fundamentals, need to continue to work with a level playing field. then on the other side, a group of no nations that might have historically had the up ahead, but for a whole. now growth is in need and so that it seems to me is the increasing confrontation that will be a challenge to the international economic order. 3 that would you agree with that? if the overall order is, is not collapsing right now, the economic center of gravity is shifting, isn't it? absolutely, and i mean, part of the fixture strategic intention is to use that partnership to create windows where they can also change the world and whether the suits everyone should not be the focus because countries, pragmatic for the forces themselves. but if we look at the institutions

specifically and from the post world war to order that we characterize the will, the by multilateralism is and has been under attack. and if you look at the brooks and the values and the statements, but the advocate for rules based order govern by international law and celebration of multi less journalism may take for granted that this may be interpreted for one's fine value systems. and so the criticism is that the world is in a constant state of stable and not key in the institutions like your w t. r should be instilling these relevant boundaries to meta k, j, a strategic interest. and it's a really the racist, a smaller countries. but magic and middle powers that need to uphold institutional values to build this kind of critical mass that is needed to create a culture of accountability, the people that, that will want to see. so they've, what's going wrong with the institutions that were designed to safeguard the,

the old well order of a now defunct, i think what's changed is the all to the, which is the one of the provided since they have to come who in the early ninety's was based on the focus for parents are now crumpled out. the 1st is western economic dominance and assigning a sense um the west is defined as the rest have risen at the 2nd was an exceptional period of us, a cheer physical like harmony. and we now live in an increasingly multi part of wild, which is characterized by 3 by jet political conflict between the still don't of us and the rising china, sadly as that it was a $150.00. before that was a belief in optimal case, which trump pretty much everything. now, increasingly that is used by national security concerns added to the industrial policy policies, not just in the west also and showing there indeed has always been the case is not

the least um us putting just just a pool uh, international rules entered by the most of the time i'm not succession for hanging on a couch. i'm not now that is no longer the case is little because of the united states is not the case. i can show it to 900. they were willing to accept a significant, a constraint on very phenomena policy by doing on the actual reason, the all the for the quarter of the big question policy microsoft was, is it going to make this rich? and now the key priority is, is it kind of makes is most secure. ok before we go, any further trade and investment flows assessing into a new passenger is built around the top 2 economies, the us and china, who racing to shape the norms and rules of the world. so you cannot make and political hold. washington is raising that. he's on badging with investment cubs and trade restrictions. china is redirecting large parts of its economy away from

the west toward the developing world coffee, a lopez for a young reports. the world is changing fast, and so is the global economic order. trade wars between the us and china are fueling much of the shift foraging new alliances and fracturing hold once. us president joe biden recently issued a new round of terrier of somebody james, affecting about $18000000000.00 worth of chinese products, including electric vehicles, batteries and semiconductors. bottom line, i want for our competition with china, not conflict, and we're in a stronger position to win that economic competition to 21st century against china . and anyone else to china has repeatedly accuse us of bullying and of market protectionism. the drawing board, if the united states persists, china will take resolute and forceful measures to firmly defend itself identity, security, and development. the enter,

the 2 main. so assembly rising tensions between the us and china are not new. they 1st escalated, during terms of presidency and have continued since much of the focus now turns to the european union and who it will choose to do business with. in the long term chinese industrial policy may seem remote as we sit here in this room. but if we do not respond strategically and in the united way, the viability of businesses in both or countries in around the world could be at risk. china is capitalizing on divisions. and a recent visit to serbia, president teaching thing established stronger ties with the eastern european country, which has been waiting for e u. membership for over a decade. inches i strongly fund going home and shop with the joint efforts of both countries. the china sir, be a free trade agreement, formerly begins in july. somebody jane is also building stronger ties with around

a long time arrival of western governments. the warrant ukraine is another factor, this disruptive energy supplies across europe. and it's also, we can ties between russia and the west spot, strengthen them elsewhere, including parts of africa is open for business. and the world comes and will comes investments, partnerships and properties. and it's a battle between 2 super powers with the us and china looking to dominate one economic quarter, while the race for artificial intelligence, digital technologies, and geo political influence plays out on the world stage. katia little bits of the un elda 0 for counting the cost a new alliance as

a pos of the changing world. countries with some of the agendas and priorities of clusters in the clubs, among them, the bricks nation. so let's take a closer look at the block, the lead us up for sale, russia, india, and china found at the group in 2009 south africa joined a year later. bricks is designed to be a new global voice. supposing what it sees as a unit latrell approach that you have politics. ricks nations, want to change the in balance by creating an alternative to us lead financial institutions. in 2015, they found that the new development bank, the counter organization, such as the world bank and the international monetary fund, they also aimed to reduce their reliance on the us dollar. bricks represent nearly a 3rd of the global economy and really health of its population. the total g, d, p, and purchasing power parity terms is actually bigger than that of the g 7. the block is growing to the us, iran, and if you appeal at each,

it's joint this year. saudi arabia was invited to join. it's membership is pending, but it's additional only amplify the brook's ambition to become the champion of the global south of rita. that's what extent of the bricks, nations, countries like india and brazil to are trading the way to prosperity right now. reliance upon the old world, all the remaining in tax or is it holding them back? so what's interesting about these 2 countries is that in prison and you're able to lift bridge, the relationship with the old, old old. and they've also proven to be most flexible and adaptable powers in the international system. so with perks coming into play, the success of breakfast, really dependent on the strength of by truly relationships as well as the country as an individual power course. but as we see brooks towards something like $200.00 meetings a. yeah. and so you have an accelerated course and political and economic cooperation

is constant meeting, which is definitely contributing to their success dining with, with the more nations, a joining clubs coming together to, to, to make the most of the economic cloud. what's the future for the us dollar? do you think when it remain the dominant currency, the future of the, the world reserve currency? the us to all in this case is going to depend on a whole range of factors, but likely a higher on that list is set to men and confidence. and often that does not run parallel with a hand in hand with new fact from the ground who's got the greatest coalition. so that is definitely a space to watch. but i would also be a, maybe a little bit averse to suggesting that the whole world wants to dive into an old tentative will order headed by the rich nations,

all whichever of the nation. 80 percent of the will list in countries that are not a great power. and for many of us outside of that circle, what do we want to see? principles that going to thinking about how well order can be constructed rather than simply who is where in that coalition on this front, i think that we should be not so oh, anxious to so quickly a ditch the old will order of globalization and capitalism that would grant ideas there that arguably the most successful of the bricks, nations, china, leverage and leverage successfully. the grand ideas included the notion of how you want to organize things. so then economically efficient way you needed to leverage competitive advantage. and countries like china and smaller nations,

embrace these ideas powerfully in the process of lifting hundreds of millions of the citizens out of poverty. i don't think that the will need so quickly rushing to an alternative well order until we've really thought through how we can see the current rules based one. i suspect that many of the bricks, nations, when they come down to think about it, i'm not averse to actually holding onto this old will order. but there are many who i should a lot trying to pull away from it for the for i'll come to you just a moment. but the reason i say you know that? absolutely. i mean, the brick, stephanie, do not want to throw everything out the window or, but in terms of pushing for war, especially in terms of trade, you see there's this big conflict between you and our nurse show that the world finds itself in. and when you look at the w t r a going with this moment,

you have moments of promise especially and how countries went to work together to wrestle causes and how made some sometimes, for broder reform seem just to fizzle out. but countries are still trying to understand how to understand global supply chains from his major as a major role in this and how it's going to be reconfigured and how the future level comments is also going to special, especially in the context of environmental concerns and a sporadic jump, let's like we'll changes and challenges and an old well being faced with a failure full of development amongst united the w t or discussions. and the system is katie, not working for everyone, especially because the system suffers from this trust. staples that we've been talking about, but this really drives times the desire for global reform while trying to pretty hang on to institutions that may to gauge existing formats and existing efforts.

felicia, who brings about this, this global reform that and i mean a how, how will it be done? do you see the future of being delta increasingly by, by clubs, like, like, bricks like minded or geographic, the group nations instead of, instead of this global rules based order. i wanted to ask you about about the i m f with an alternative credit is like india and china available right now. what does the l m s have a future? once we get the phone to make a distinction between a desire for a farrah class and order, which is what, how many events varies at this nonsense? this program express and indeed are at the palace the most are expressed. and what about like the to happen as a result of the breakdown or desist in order? and i want a 5 for a price of fast. i'm skeptical so that the moves currently in play to ship it to a conflict between the us. try adjusting china and the breakdown if it's

a national institutions, like the top tier is going to lead to the firewall. um, yeah, the brakes running but started off as a goldman sachs marketing slogan. it was that adopted by the latest across country . it's not clear to me, they haven't had a lot to cover. you know, india and china are cheapest for real life. it was some commodity exports isn't solid, commodity influences some, as a reader said, i have tried to twice to the west as well as twice to china. authors are clearly in a n t less than i can. you can only see the choice between them. all that's significant, and in any case, they're only um, you know, a small number of countries in a very large world. so i skipped smoothly with the brakes itself. okay. in terms of a form of the international institutions we, i think the be sure is probably the was the most successful institution, all feel well daughter. it was crisis underway for much actual different eyes ation

. there was a huge success of printing china in, in 2001. and since the, basically it's ground uh to a standstill, it's increasingly acknowledged by um to us and showing that they've got their own way to dispute software mechanism. which was old domestic disputes is largely in a best. and i think that's a tragedy. i don't think that's listening to refer well i think, you know, the, the w show rules which were not perfect but which was applied nicely and partially guaranteed equal voice. just more players like guaranteed banners for pretty much everybody and going to a world or might, might, makes, provides as little clouds isn't going to make things better than sleep a brief on. so if you can please, how likely is a full blown economic pool. as you say that with the w t o being toothless right

now. how likely is a full blown economic war between the u. s. and all the west in china? i was supposed to go to see the thing, but um i saw more if uh uh, the developments in, in taiwan. um to generate i think we are moving to a different world older its, uh, a 2nd code will i say a 2nd code. cool because this one in which geo products ext trump's economics and the actual while across of you'll see the pool. you want a well, based on open markets from which single pull cars, prostate in a cosigner, inside that because you want a fair economic system for which you could benefit. but if a lot of powers increasing the sides, well actually, uh, industrial policies on national security concerns come 1st. you need a sort of power to accommodate yourself. how to guys have positions and some,

which is one count. so i'm gonna choose another. and so i'm gonna try to struggle $5.50 not be forced to choose done it. i'll wait in a new code. what are we in an era of nationalization? why salacious and d globalization isn't? well i, i hear that language a lot. and obviously, you know, philip has made a very compelling case for this. i happened to disagree, i think, said we need to pull back from the language that says, this is a cold war. and maybe focus on the idea that really the, the part of contention here you can all make and that we conflate the issue is when we talk about coal, we're even indeed when we talk about security during the regional coal, americans would genuinely worried there's a sylvia to building a political and economic system that would come to mind the american way of life destroyed the american way of government. now today,

however much one looks at the bullying behavior of the chinese aggressive exporting actions of the south china sea military build. that i don't think anyone in their right minds would accuse china. i'm trying to build an economic system that is a plug in replacement for westman style liberals, democracy. truth, the truth be told, i don't think she's in thing really care said oh, what kind of political system the west wants to run. what he wants to do is to bring about economic prosperity in a way that hughes as much as he can to the original rules based order. and right now the nations that um, most pulling away from that system are not the emerging countries are not the ones that felt previously challenged by the international economic system. the, the washington consensus type of economic system. but instead, the rich countries and you know the language about it's being no secure, your competition. unfortunately, rings a lot of early era,

lot of competition with the soviet union for which the competition was not we can all make. but of us competition with japan. a lot of the language about, you know, depend, uh, economic shopping, the all re fee, threatening undermining us. security is a quote today. and the peculiar thing and all of that is that japan and all of that time was from the liberal democracy dependent. all of that time was a strong partner of america in america's uh, strategic alliance in the pacific. so my own sense is that, you know, when we get in to talk about security, talk about the coal. we might be taking our eye off of the real competition. okay. which isn't economic one, which is that, you know, some countries in the world, the feeling that china is undermining dismantling the industrial structure,

stealing the jobs, engaging in and a program that will lead to the taking control of technology. so the future, any comics the right way to deal with that is not to shotwell. and then we have to say bill security, but to pick one stuff up, lose your own productivity. train your people, get to a point where you can compete. i'm sorry, it's up to just to cut you off, but the time is, is against us. i want to have one last time from arena. are you optimistic about the future arena? come the huge reductions and pull this he brought about by globalization and imperfect though it was the, the old world or the continue without says, i think it's always possible to be up to mistake about the future. um, especially if it depends who's viewing this kind of future. if we look at the coal for alternative anything, alternative, finance sources,

alternative payment systems, there is a demand for an economy, but presents all advocates for different menus. and if we were just to, to look at, at a chinese learning, there's an example or in those lines as an example of it's, it's, it's interesting to note that in the long run, maybe they're not as cheap as i'm a single bank. but they're attractive because i mean, especially with the chinese, like they come with grace period 5 to 2 years with countries can start repaying them politically. this is where it's high. the practical for a sits in government. i says, repayment doesn't begin until the end of the 10, possibly, and store your that desire to have something different to have an alternative to and leverage that in terms of, of who is finding who i think that is that is an interesting time. we find

ourselves and, and it is more about the smaller powers finding a way to leverage this moment to pull themselves to find their agency in that the, we must leave it. we're out of time. many sites in the dining cloth arena, bureau, son and philip le girl. i'm thoughts a show for this week if you'd like to comment on anything you've heard in our discussion. i'm at a friend again on ex. use the hash tag, h a c t c. if you remember, or you can drop us a line causing the cost of how to 0, don't let us on e mail address, as always, there's plenty more few online, but i'll just do a dot com slash c t. c. that takes you straight to a page that you'll find individual reports, links at a time episodes to catch up. but that's it for this edition of cash and the cost on a tree instead of going from the scene here and go have thanksgiving with us. the news on al jazeera, this next to

bump system the streets of chicago on different with the same ambition fighting the way to a better life for themselves and their. 6 through in the volatile world of chicago, south side is no easy task with me. when side on out to 0. even if you look at reach countries which are now being infected by climate change, almost invariably the most vulnerable of people who are suffering now are poor people. in the us, for example, it's one of the richest comes in the world and you know, it's 25 percent of the population that live in substandard housing. but it's important to understand that's a, that's climate change is an issue that a shot through is any policy in multiple respects. and we see it in class terms. first and foremost, i guess the most obvious way we know that it's the rich us that are overwhelming

and responsible for, for accessing missions. and so there is a very big disparity amongst who was the problem and who suffers or consequences. the are the only is deployed in bangladesh to enforce of nationwide co few optic days of protests against the government jobs quotas. the company parker this. so just a life though, how was that coming up? talk to the rescue. a posting a baby from his mother's womb after she was killed in this way. the strikes and central gauze price groups. welcome. the i c. j. 's advisory on israel is

occupational. palestine is a 1st step towards on doing generational. the cypress montague, for centuries seems to be on.