The rules-based global order, its institutions and value system face a crisis of legitimacy and credibility as the US turns away

‘The old world is dying,” Antonio Gramsci once wrote. “And the new world struggles to be born.” In such interregnums, the Italian Marxist philosopher suggested, “every act, even the smallest, may acquire decisive weight”.

In 2025, western leaders appeared convinced they – and we – were living through one such transitional period, as the world of international relations established after the second world war crashed to a halt.