The Liberal World Order: A Historical Exception?

In order to fully grasp the essence of the Liberal World Order that emerged after World War II, we need to acknowledge both the centrality of its economic and social dimension, and the perspective that the domestic and international arenas are structurally connected, neither divided nor divisible. In its capacity to simultaneously strengthen and maintain an equilibrium between open markets, states’ sovereignty and international institutions – while at the same time including the lower and middle classes in the political project grounded on market economy and democracy – the Liberal World Order indeed appears somewhat unique. Its involution into a Neoliberal Global Order since the late 1970s – one aimed no longer at protecting domestic societies from the threats coming from the international environment but rather at protecting global markets (especially financial markets) from interference coming from domestic societies – marks the beginning of the current crisis.