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Unformatted text preview: t of such political stability, free markets,
liberal trade and flexible financial mechanisms have appeared. And, with this, many countries have sought opportunities
to enter this system, proliferating stable and cooperative relations. However, what will happen to these advances as America’s
influence declines? Given that America’s authority, although sullied at times, has benefited people across much of Latin America, Central and
Eastern Europe, the Balkans, as well as parts of Africa and, quite extensively, Asia, the answer to this question could affect global society in a
profoundly detrimental way.Public imagination and academia have anticipated that a post-hegemonic world would return to the
problems of the 1930s: regional blocs, trade conflicts and strategic rivalry. Furthermore, multilateral institutions such as
the IMF, the World Bank or the WTO might give way to regional organisations. For example, Europe and East Asia would each step forward to fill the vacuum left by Washington’s withering lead...
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