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Cover Introduction to International Relations: Theories and Approaches

12. The Big Question: World Order or World Chaos?  

This final chapter addresses a really big question: are international relations heading towards order or chaos? To answer this question, it interrogates the different IR theories presented in previous chapters. An initial section provides a conceptual map, based on a review of different understandings of the concept of world order. The chapter proceeds by discussing the effect of the rise of authoritarian power such as China, new challenges in established democracies, fragile states in the Global South, and the governance provided by international institutions. The chapter ends by arguing that the glass is at the same time half-full and half-empty: the world faces new and formidable challenges and we are very far from meeting current aspirations for world order; at the same time, global relations are much more ordered than they used to be just a few generations ago—and things are far better than many pessimists claim.

Chapter

Cover Global Political Economy

5. The Evolution of the Global Trade Regime  

Silke Trommer

This chapter details the history, politics, and recent trends and challenges of the multilateral trade system. The twentieth century witnessed a remarkable emergence of international institutions, and nowhere was their impact greater than in international trade. Following decades of depression and war, a global trading regime was initiated with the creation of the General Agreement on Tariffs and Trade (GATT) in 1947, which expanded steadily in both scope and membership through the twentieth century and culminated in the establishment of the World Trade Organization (WTO) in 1995. Underpinned by the philosophy that open markets and non-discriminatory trade policies promote the prosperity of all countries, and issued with a powerful dispute settlement mechanism, the WTO has been hailed as the most prominent example of cooperation between countries. At the same time, however, the WTO has been subject to internal and external criticism and now faces a number of difficulties.