on hers voices, but we are committed to getting the best i can now for all of us, you be so much connect with our community and talking to conversations you will find elsewhere. lot of these positions, if there was problems or medical facilities and all of that would be preventable. that is to hold on what's the stream on our juicy or the hello i made or instead of it. and this is counting the cost on i was just seeing where your we can look at the business and a couple things. the spring theorist says domination of the global economy said, decades, but the world is friendship by geopolitical tensions. globalization is facing a backlash. is the economic or the change, it isn't the u. s. versus china,

the trade war between the 2 nations that seem to help the 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 brooks to count up the dominance of the west. but what it was, the economic integration and globalization of freeflow trade with the us of a hill. 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. interactive, 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 govern 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 pool 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 with the changing realities of 2 were punching on sale. really. metrics remains the one dynamic elements in the global economy, and as such, they will account for a significant share of trade changing shit. how would you ask of funding on the other 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 bigger, 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. no, 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 where they move and why don't we have the commitment innovative? we have to look for discovery with a new bullet 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. know, we have to reform global economics, financial and political, as well as the most to little trading system. so that we can create a couldn't just safe environment for federal. 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 rick's 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 florida. one of the interesting turnarounds is that today the advanced economy used to reach economies out well,

so 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 breaks 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 economic fundamentals seem to continue to work with a level playing field and on the other side, a group of no nations that might have historically had the up ahead. but for 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 old world or it is, is not collapsing right now,

the economic central 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 where the search everyone should not be the focus because countries, pragmatic book, 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 they advocate for rules based order, govern by international law and celebration of multi let's chism 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 interests. 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 for 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 was changed, is the old to the which is the one of the provided since they had to come who in the early ninety's was based on focus for parents. so now from the 1st is western economic dominance and as time of year says, 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, i sadly as that it was a narrative um, before there was a belief in optimal kits which trump pretty much everything. now increasingly that is used by national security concerns added the industrial policy policies, not just in the west also and showing there indeed has always been the kind 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 in 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 badging. and the actual reason the all the for the quarter of the big question policy microsoft was, is it going to make us richer? i now think keep power to use is it kind of makes is most secure. ok, before we go,

any further trade and investment flows assessing into a new path homes 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, 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 old ones. 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. and when that economic competition, the 21st century is china, that 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 developing to enter the domain slash. and when the 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 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 and 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 sleigh gene 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 is strengthen them elsewhere, including parts of africa. getting body is open for business and the world comes and will comes investments, partnerships and properties,

and it's about or between 2 super powers with the us and china looking to dominate one economic order, while the race for artificial intelligence, digital technologies, and geo political influence plays out on the world stage, katia lopez again, l g 0 for counting the cost. a new alliance is a pastor 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 founded 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 to g of politics. ricks nations want to change the in violence 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 many hall off 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 u a wrong. and if you, if you and agents joined this, you saudi arabia was invited to join. it's membership is pending. but it's additional only amplify the brooks ambition to become the champion of the global south of rita. to 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 more 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 my true 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 remains the dominant currency, the future of the, the world reserve currency? the us to all in this case is going to depend on 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 it on 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. and you cannot make li officiant way. you need it 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 me to come to just another. but the reason i

say, you know, the, the 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 the, the big conflict between you and our, the 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 for the rest of the causes and how my main term sometimes were broder reform seen just fizzle out, but countries are still trying to understand how to understand global supply chains from has major as a major role in this and how it's going to be reconfigured and how the future level comments as well. so guard just special, especially in the context of environmental concerns and a sporadic jump elliptical changes and challenges and an old well being faced with

a failure full of development amongst united the v or discussions. and the system is katie, not working for everyone, especially because the system suffers from this trusty present we've been talking about. but this really drives harms that desire for global reform. while trying to freely hang on to institutions that may to gauge existing formats and existing excellence from who brings about this, this global reform that and i'm in 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 don't want to ask you about about the i m f with an alternative credit is like india and china available right now. what does the i m s have a future? once he gets a phone to make a distinction between a desire for a farrah drive in water, which is what,

how many events visit this nonsense this program express? and indeed are the problem is that most are expressed. i'm one of us likely to happen as a result of the breakdown or the existing order. and i want a favor of a price of fast. i'm skeptical that the moves currently in play to will ship it to a conflict between the us. try adjusting china and the breakdown if it's a national institutions by the w t o 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 with as country . it's not play to me, they haven't had a lot to come in. i was india and i'm showing that richard fiscal arrivals. so maximize the export isn't sounded promising influences some as a reader said, i have tried to tries to the west as well as twice to china. authors are clearly in a and t less than i can. he could let me see the choice between them all that's

significant. and in any case they are only um, you know, a small number of countries in a very large quote. so i skipped smoothly with the brakes itself. okay. um, in terms of a full with the international institutions. um we, i think that sure um is probably the was the most successful institution. oh um the old well daughter it was crisis on our way for much actual different position. there was a huge success of printing china in, in 2001. and since the, basically it's ground uh to a stand still, it's increasingly ignored by the us and showing that they've got their own way. the dispute has went back into some of which was old domestic disputes is largely in a best. and i think that's a tragedy. i don't think that's the leasing to refer, well, i think, you know, the double chevreuse, which will not fit but which was applied largely and partially guaranteed equal

voice, just more players like guaranteed spanners for pretty much everybody and going to a world or might, might some extra large and small clubs 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 about how likely is a full blown economic pool between the u. s. and all the western china. i was supposed to get to see the phone, but i'm not sure if it depended missing in taiwan to generate i think we are moving to a different world older. it's a 2nd cold rule. i say a 2nd cold cool because it was in which geo politics trumps economics. and the actual while of course, if you'll see the pool, you want a well based on open markets from which single pull cars frustrating

a cosigner with south africa. you want a fair economic system for which you could benefit, but the, for large powers increasingly side, well actually uh, industrial policies on national security concerns come for us. you need a sort of power to accommodate yourself. i have 2 guys that positions and some will choose one time. so i'm gonna choose another. and so i'm gonna try to struggle 5. if i have to not be forced to choose done it, i'll wait in a new code. what are we in an era of nationalist? my solution is indeed 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 happen to disagree. i think that we need to pull back from a language that says, this is a cold war and maybe focus on the idea that really the, the heart of contention here you can all make and that we conflate the shoes when

we talked about coal, even indeed when we talked about security during the regional coal, americans would genuinely worried this is sylvia to building a political and economic system that would come to mind the american way of life destroyed the american. we have government now today, however much one looks at the bullying behavior of the chinese aggressive exporting actions of the south china sea military build is up. i don't think anyone in their right minds would accuse china of 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 cares. and 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 probably can all make system. but instead, the rich countries and you know the language about it's being always secure, you competition. unfortunately, rings a lot of only your, a 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, depends economic superiority, threatening undermining us. security is a code today. and the peculiar thing and all of that is that japan and all of that time was from the liberal democracy, japan. and all of that time was 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 um, undermining dismantling the in industrial structure, stealing the jobs, engaging in and the program that will lead to the uh, taking control of technology. so the future, any comics the right way to deal with that is not to shotwell and then rattle a say bill of 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, to cut you off, but, but 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 in poverty brought about by globalization and imperfect though it was the, the old world or the continue without is 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 code for alternative, anything alternative to finance sources alternate to 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 loans as an example or in just loans 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 6 years with countries can start repaying

them politically. this is where it's high. the practical for a sitting 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 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 power is 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 phillip 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 x. use the hash tag h a c t c. if you remember, or you can drop us a line causing the cost of the houses 0, don't let us on e mail address. as always, there's plenty more for you online. i'll just 0 dot com slash c t c. that takes you

straight to the 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 team here and go have thanksgiving with us to abuse on al jazeera. this next coveted beyond wells, taken without hesitation for them died for power that finds out while we live here, we make the rule, not them, they find an enemy and then they try and scare other people with that. and the people in power investigate, expose this and questions they use them to be the power around the globe now to sierra the,

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the safe them even come in as an international inside corruption, excellence award, nominator here on. now, the joe, by his legacy of accomplishment over the past 3 years, is unmatched in modern history. with a tribute to bind in cumberland harris's off to a 1st full day of campaigning as a democratic presidential contender, the con somebody, the miller. this is all to 0 life from del also coming up. the head of the u. s. secret service admits the agency failed and its mission to protect donald trump

during the attempted assassination. hundreds of displaced palestinians on the move