Ever since the end of the Sexond World War, the US has led the world of liberal democracies in a global governance structure guided by economic and political multilateralism. Fol- lowing the change in policy thinking in China almost 40 years ago and the fall of the Soviet Union 25 years ago, most of the world adopt- ed free market economic policies and joined the Western world’s global governance struc- tures, including the WTO and IMF. 

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