How the International Order Changed in the Last Decade?

TO WHAT EXTENT HAS THE WORLD ORDER CHANGED IN THE LAST DECADE?
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To What Extent has the International Order Changed in the Last Decade?
Introduction
In recent months, there have been speculations of changing world order. However, a changing world does not merely happen after a single incidence and the ranking of the major powers keep shifting. Currently, some observers believe that the world is in a transitional period where the international powers are shifting. This essay explores how the world order has changed in the past decade. The liberal world order is considered to be the previous world order, which is suspected to have come to an end. The question that remains unanswered is what is the current order. In this case, the current world order is described as a rising totalitarian world government coupled with growing Asian power.[Paul Stares et al., Perspectives on a Changing World Order (New York: Council on Foreign Relations, 2020).]
US Hegemony in Global Politics
The American hegemony in world politics is the right place to start exploring the changes that have taken place in the world order. The rationale is that the United States and its allies are considered to be the pioneers of the liberal world order since the end of World War II and the Cold War. Therefore, describing the diminishing power of America is the start of the rise of a new order. Today, liberal democracy has been described as both fragile and polarized. The American hegemony was built around financial, political, and military leadership. However, the United States has failed to retain this power due to the rise of others, especially China. The American power has been challenged since the 1970s, and three options for the country were availed in the 'Gilpin Dilemma.'[John Ikenberry "The End of Liberal International Order?" International Affairs 94, no. 1 (2018): 7.] [Alejandro Dabat and Paulo Leal "The rise and fall of the United States in global hegemony," Problems of Development 50, no 199 (2020): 1] [Nussaiba Ashraf "Revisiting International Relations Legacy on Hegemony: The Decline of American Hegemony from Comparative Perspectives." Review of Economics and Political Science (2020): 1.] [Arlo Poletti and Lorenzo Zambernardi "Declining hegemony and the sources of Trump’s disengagement from multilateral trade governance: the interaction between domestic politics and the international political economy." International Politics (2021): 1] [Nasa'l Gwadabe, Hohd Saleh, and Abdullahi Ahmad "The Declining Hegemony of the United States and the Growing Influence of China: A Critical Perspective on Power Transition Theory in the 21st Century," Austral Brazilian Journal of Strategy & International Relations 9, no 18 (2021): 129]
In this dilemma, the United States could 1) adopt a defensive protectionist approach, 2) fragment the international system, or 3) continually innovate. Earlier presidencies adopted the third option, but now a new dilemma has emerged where the opponent is China. With the decline of America, even such establishments as the European Union have been considered challengers of the American hegemony despite most European countries being allies to the United States. Therefore, the first change to happen in the world order is the decline of American power in global politics. Financial and economic crises have forced the dollar to weaken and the American economy grows at a slower rate as compared to the emerging economies.[Giorgio Schutte "The challenge to US hegemony and the “Gilpin Dilemma”." Brazilian Journal of International Politics 644, no. 1 (2021): 1.] [Keelan Waldron, Gilpinian Realism and Peaceful Change: The Coming Sino-American Power Transition. (Birmingham: E-International Relations, 2020).] [Alexander Cooley and Daniel Nexon "How Hegemony Ends – The Unraveling of American Power," Lab Grima. June 6, 2020, https://wp.ufpel.edu.br/labgrima/2020/06/28/how-hegemony-ends-the-unraveling-of-american-power/]
Rise of Asian Powers
The rise of Asian powers, particularly China has heralded an era where America is no longer the only powerful country across the three dimensions used in establishing power: finance, politics, and the military. Many observers state that China remains the primary threat to American hegemony. Such observations are validated by the sharp economic rise and military build-up by China to a level that has challenged the American position as the world’s only superpower. The result is a scenario resembling a global leadership crisis where two powers clash with each other. The pacific is one region where America has been a powerful player in regional politics and maritime development. Such allies as Japan, Australia, and Korea have depended on the United States for protection. The rise of China and the aggressive display of dominance means that the American allies feel under threat. The conflicts between China and other countries over the South China sea serve as an example of the shifting power. With America no longer able to safeguard the interest of the smaller Asian c...