Challenges to the contemporary global order. Cause for pessimism or optimism?

Is the contemporary global order under threat? This contribution weighs the case for and against the notion that we are witnessing an existential challenge to the contemporary global order. We show that there are grounds for optimism with respect to the endurance of the first two ordering principles of the contemporary global order: a state-led global order and economic liberalism, because states remain key actors in the current world order and because overall support for economic liberalism remains strong. However, we see greater challenges to the procedural principle of inclusive, rule-based multilateralism, such as unilateral disintegration challenges and rising popular scepticism about international institutions that provide considerable reasons to worry about the future of the global order. Yet, given that the global order has proven robust time and again in the past, we see some reasons for cautious optimism overall, despite considerable risks.