Old order should yield place to new

The impact of the financial crisis on global politics, economy, security, and social aspects is perhaps greater than that of any previous crisis, war or disaster since the end of the Cold War. Such has been the impact that world leaders could be forced to build a new world order that conforms to the changed political and economic situation and takes into consideration the importance of emerging economies.

The extant world economic order took shape after World War II and helped create what the West calls the "golden period". But it suffered some blows, too, such as the "Nixon shock" in the 1970s - because of then US president Richard Nixon's new economic initiatives - and the side effects of the fast-paced marketization of the global economy in the post-Cold War period.

Globalization did help the world economy to grow at faster pace, but it also created a unipolar world with the US as the undisputed leader.