If British Prime Minister Gordon Brown and French President Nicolas Sarkozy have their way, the advanced industrialized nations will come together to negotiate a new economic order. But they will do so in a world in which the US and the European Union enjoy roughly equal GDP (with a slight advantage for the EU right now). When Bretton Woods was negotiated, in contrast, the US controlled about half of global economic production.

In other words, any such bargain would be the product less of US hegemony than US-EU comity, with China, Japan, and India as important players in the mix. This is, whatever one thinks of its merits or chances, a bold call to build a multipolar economic institutional order. It signals how much the world has changed not only since 1945, but also since the “unipolar moment” of the 1990s.

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