The Global Economy

POWER

What i understand during cold war there are two superpower which is United State (US) and Soviet Union (USSR).During this time the system that used was bipolar system.

What is a bipolar system??
Bipolar is involve of two superpower. It is a distribution of power in which two states have the majority of economic, military, and cultural influence internationally or regionally. Thus there are some clash of ideologies between them. For example obviously in the Cold War, most Western and capitalist states would fall under the influence of the USA, while most Communist states would fall under the influence of the USSR.
In other words these two power have different ideological; capitalist and communism.

But today there is no more bipolar system. Now we use a unipolar system

What is a unipolar system??
A unipolar system is a distribution of power in which one state exercises most of the cultural, economic, and military influence. The most recent example of a unipolar world has been one dominated by the United States of America since 1991, in the aftermath of the collapse of the Soviet Union. For example in term of currency the transaction that used is in US $ dollar. Such in Malaysia if we made transaction with Singapore we have to use in dollar. 



MARKET 

But when we talk about what the different between during cold war and the current, i look one of the part is in term of market. Market is the central goal of the system that provide for expanded international trade as well as to increase prosperity. Thus the mechanism that used was the general agreement on tariff and trade (GATT),which 1955 evolved into the World Trade Organization (WTO). The GATT was a multilateral agreement on tariff levels.

While the second goal of the Bretton Woods system. It provide for stability in the international financial system. this was accomplished through the development   of an international currency system based on the U.S.dollar, which was in turn linked to the value of gold. For your information these system was managed by the International Monetary Fund (IMF).  Agreements in exchange rates between different currencies provided stability and predictability,and system of IMF loans helped countries overcome short-term imbalances in their international financial position. This system was helped to rapid economic growth among advanced industrial states.

However nowadays what i can see that the market conquer by US. Everything is under control of US, other countries that deal with US should accept and follow any system that establish by US.