At the start of the twenty-first century, globalisation faces serious challenges. Since 9/11, particularly during the presidency of George W. Bush, US unilateralism has undermined the rule of law, as the US withdrew or undermined a number of international treaties. The Bush Administration also blocked reform of the IMF and World Bank, preventing emerging powers like China to play a more prominent role in global governance. And finally, the universality embedded in the World Trade Organization is being challenged by major regional trade agreements. As a result, the global architecture is fraying with the rise of nationalism and regional blocs. Moreover, the public is losing confidence in globalisation as governments fail to strengthen the global financial system in the wake of the 2007/8 credit crunch, and cannot agree to a strong treaty to counter climate change.
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