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Piero Ostellino     2011/07/10

The new world

Following World War II, a new international system arose, characterised politically by the primacy of the large, liberal, democratic countries that had emerged as victors from the war, and financially by the dollar as the reference currency. This new system developed as a result of several factors. One was the breakup of the Soviet Union as a global power, the immediate direct effect of which was to downgrade the Russian Federation to the level of “emerging power”.
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