The World Trade Organisation (WTO) was driven to irrelevance by the collapse of the Doha trade round in 2008. The First World War combined with the rise of the U.S. and Germany as manufacturing powers soon reversed this order. The post-World War II world saw the creation of a new world order, sustained by a cornucopia of multilateral and supranational institutions such as the United Nations, the International Monetary Fund and the World Bank. As with the 1900s, this liberal order is seemingly in the process of being shrugged off. The dividing world order will take decades to settle.

Source: The Hindu August 17, 2016 19:52 UTC