THE INDO-PACIFIC ECONOMIC FRAMEWORK (IPEF)AND THE DECLINE OF US LEADERSHIP

摘要

Initiatives such as IPEF seek to preserve core components of the 'Modern World System; The theory of 'Modern World System' expounded by Immanuel Wallerstein in the 1970s, which incorporated the 'Dependency' theories put forward by underdeveloped countries in Latin America which in turn was a reaction to modernisation theory according to which all societies progress through similar stages of development. India rejects this "one-size fit all" model of development, but does not hold up multilateralism. A modern world system can be world empire or world economy. When the world economy disintegrates as a system to become dysfunctional, it reorganises itself as a world empire.