Providing government leadership role in world affairs

Politically we are witnessing the disappearance of hegemonic power, the decline of international leadership in economic affairs and the slow emergence of a multipolar world. Thus, precisely at the time when we approach the formation of a single world economy, the possibility of a single country taking the lead and guiding the collectivity of states through the transition appears to be waning. Moreover, the declining leadership by the once hegemonic power has been accompanied by a weakening in the authority of the major international economic institutions: GATT, IMF and the World Bank. The two phenomena are, of course, closely connected since the authority of the international economic institutions depended upon the support of the hegemonic power and its allies.