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The Badger Herald

Independent Student Newspaper Since 1969

The Badger Herald

Independent Student Newspaper Since 1969

The Badger Herald

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London School of Economics prof addresses possible new world order

In the eyes of London School of Economics professor Robert Wade, nations in the global south are seeking higher involvement with the West, a development that could lead to a global gridlock.

Sponsored by the Havens Center, Wade, a professor of international development spoke on the increased competition between the developed and developing world and the possibility of an emerging new world order on the University of Wisconsin campus Tuesday afternoon.

According to Wade, southern nations have been making efforts to become a part of the international institutions that are heavily run by Western nations such as the United Kingdom and the United States.

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Southern nations are now seen as a “frontier” of new opportunities and threats, Wade said.

Wade walked through various international institutions and how they are going about this rising demand for southern inclusion, including the World Trade Organization, the International Monetary Fund, the G20 and the World Bank.

“[International Organizations] should be less of a club of rich, industrialized countries,” Wade said.

Wade said western nations have a tight grasp on institutions, making it extremely difficult for new countries to be admitted and given a say in decisions citing the IMF’s 85 percent “supermajority,” where the U.S currently has more than 15 percent of the votes.

“The West keeps a grip on the international organizations,” Wade said. “There are very high hurdles in the way of change.”

Wade said emerging nations like Brazil, Russia, India, China and South Africa have made agreements on concepts such as creating a development bank to fund infrastructure, however question whether they should invite more advanced countries to be a part of their organization.

Although these developing nations have developed “autonomy,” they have been unable to really gain any significant influence, he said.

Nonetheless, Wade said there has been much less of a power shift than people believe. The West continues to dominate economically and continues to rule with “hard and soft power,” he said. The West has a built-in advantage of power and bringing more nations into the mix would only make agreements more difficult, he said.

“The combination of the West’s continuing grip and the South’s greater presence creates this leadership gridlock in many international organizations,” Wade said.

Wade concluded by saying a miracle would have to occur for balance to be achieved and that he does not see any movement towards reform without some sort of crisis.

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