Change and the speed of change have always been overwhelming. With each passing century and decades, the speed of change is only getting even more accelerated.
The impossible and the inconceivable have become a reality; and the surprise of change hasn’t altered itself, it is only growing. One can only wonder if our great-grandparents could imagine with belief that mankind would leap forward in future, and would be able to put, a man on the moon.
The development in health care facilities would someday lead to transplant of critical organs of the human body and that technology would put airplanes weighing more than 500,000 kilograms up in the sky with close to 450-500 people onboard. The progress of mankind has been at breath-taking speed.
Today, those born in the era of baby boomers are experiencing change that is happening at lightning speed.
As an example it is stunning to witness how the multiple means/ modes of communication developed in the past three decades are mind-blowing; from the era of facsimile to the advent of email; from established land lines for long distance calls to highly efficient, mobile networks; and from paid communication to endlessly free mediums like WhatsApp, Botim, Viber, Line, Snapchat, Twitter (now X) and TikTok. The universe of communication has dramatically changed.
If individuals are challenged today by the developments of platforms like ChatGPT and other AI too based tools for greater efficiency and productivity; collectively as societies and nations, too, the challenge to accept and adopt change is domineering.
The old world political order is undergoing a metamorphosis of change, which hitherto was unimaginable by its sheer size, proportions and dimensions.
Nations are expected to recognise, adopt and adapt to change. New corridors of powers are taking shape. The old order is becoming void. The old order that had remained unchanged for well over fifty years began to exhibit strains of change with the collapse of the Berlin Wall.
The Iron Curtain stood torn apart by the end of the decade of the eighties and more so down the years.
Post the Second World War, three typically different and significantly distinct economic models flourished. The West represented the ‘free world’ with unbridled capitalism as its economic system. Free enterprise operated on the dictum of ‘each according to his ability’.
The free world also symbolised existence of democracy as the political ideal to pursue. All countries of the West that adopted this system progressed well and together they came to be recognised with an appellation of being the “First World”.
The Soviet Union-led economic and political model based of Communism/Socialism was adopted by almost all countries of Eastern Europe; together they forged a common economic strategy based on the socialist dictum of ‘each according to his/her needs’.
Under this political dispensation, political authority remained in the hands of the “Party”. China, North Korea and North Vietnam also adopted the Marxist/ Leninist principles and chose for themselves the ‘Socialist-economic model’.
Despite decent economic progress these countries weren’t recognised as part of the “First World”, instead they came to be grouped as ‘Second World’. The Soviet Union along with all the satellite states was dubbed by the West as “the Second World”.
The many countries that took the middle road from the extremes of capitalism and socialism to a balance between state ownership and private ownership of business, economy and industry came to be labelled as ‘Third World’ or ‘developing countries’.
Inspite of the fact that several important countries from amongst the developing countries were fully aligned to the Soviet Union yet they championed themselves as ‘non-aligned’ – India and former Yugoslavia are perfect examples. They were aligned with the Soviet Union.
The bipolar world order collapsed with the disintegration of the Soviet Union into 13 independent republics.
The then lone superpower swayed over global political scene for a very long period of time – this period saw the USA emerge as the strongest world power politically, economically and militarily – the world witnessed this transition from a bipolar world that began in 1945 and ended up being a unipolar world order by the late 80s.
The successful military adventures in Kuwait, Iraq, Panama and Libya strengthened USA’s grip over world affairs. However, by the end of the decade of the 1990s, Russia after licking its wounds of disintegration reappeared as a formidable challenge to the existing order.
Simultaneously, quietly but surely People’s Republic of China was gaining momentum and traction as a trusted ally of the developing world. China’s influence on Asia, Europe and Africa was swift. The Belt and Road Initiative (BRI), which touches more than 68 countries directly and indirectly, has rendered to China a major authority to wield its influence.
China did not arrive onto the global scene with a bang – instead it, without ruffling any feathers, quietly built its economy, through an open-door economic policy.
China initiated the special economic zone philosophy and has most successfully achieved historic economic performance through these designated zones. Within communist/socialist China operate two different systems.
Deng Xiao Ping upon return of Hong Kong to the People’s Republic of China had aptly remarked as an assurance to the world economic forces, that, Hong Kong will be a classics case of ‘one country; two systems’.
The world has transitioned away from the bipolar/unipolar world to a more multipolar regime. Today, Washington, Moscow and Beijing share the global political stage. Developing countries have to charter course for themselves without having to be dictated to toe a particular line.
Pakistan, many feel, walks on a tight road. It has for several decades enjoyed a mutually beneficial relationship with both Beijing and Washington. With Russia many attempts have been made to warm up, but the relationship is not translating itself into a mutually effective economic relationship.
As a promise to the future sometime during the year our prime minster is expected to pay a formal visit to Russia. Our recent role in achieving peace in the region has made our eastern neighbour to become envious of us. We must not react but respond with still greater maturity. In the eyes of the world we are a dominant player in the region being a responsible nuclear state.
Pakistan has exercised its influence in the region with wisdom. Political sagacity and acumen demand that we must utilize and cease this opportunity to translate the existing good will into long-term economic gains.
In the new world order the element of interdependence between economies is only going to increase further.
Even the USA has realised that unilateral action of placing unjustifiable tariffs does not achieve the desired economic results. In fact, to the contrary, they have been more hurtful to the USA than China. The economies of China, Japan, South Korea, Germany, Taiwan and the USA are intricately intertwined.
Emotional or whimsical reactions by the leadership of any of these countries would result in serious mutual loss. This is a feature that made possible President Trump’s to visit Beijing – he rightfully set aside all the rhetoric and got down to discussing ‘business’; he was accompanied not by a cultural troupe but 13 powerful CEOs of large entities. Pakistan must take due lesson.
Our foreign policy initiatives must firstly realise the emerging new realities of the changing global order; and secondly, must align the policy with our foreign trade promotion strategy, inclusive of seeking and attracting FDI. It is time that we locked up our special economic zones growth and development within the ambit of our foreign policy strategy.
Exports and only exports can give us sustainable economic growth. To achieve sizeable growth in exports the efficient functioning of the economic zones will be of great criticality. With inward remittances of USD 40 billion plus which thus far have sustained us in meeting our growing import bill are under strain, given the dynamics of the regional conflict. And this makes the importance of growth and exports most critical.
In this emerging new world order, economic ties, their existence and strengthening will determine future growth and development. Leadership must see beyond and carve policies not for the budget of 2026/2027 but for a meaningful impact in the next 15/20 years.
Nations aren’t built by merely managing revenue and expenditure – the setting of sails through long-term policies will determine the future stature of Pakistan in the comity of nations.
No longer must a nuclear power have the need to seek external support. Economic weaknesses lead to political weaknesses. A solid economic base will yield us even greater respect than what we have been experiencing for the last few months.
The new world order is about the economy. Let’s seize the moment and operate with long term future in mind accompanied by unconventional wisdom.
Copyright Business Recorder, 2026
The writer is a Senior Banker & Freelance Contributor
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