The Fall of the Berlin Wall

THE FALL OF THE BERLIN WALL 3

TheFall of the Berlin Wall

TheFall of the Berlin Wall

Thefall of the Berlin wall, which reunited Germany twenty-five years agosignaled the end of the cold war and commenced a new dispensation inglobal affairs. This brought most of the countries in the world tomerge into a single global economy and China emerging as the singlelargest player. The economic realities today created new centers ofpowers that the role of China and its partners namely Brazil, India,Russia and South Africa called the BRICS group pushing foralternative institutions to the World Bank and the InternationalMonetary Fund (IMF), substituting the US dollar as the number oneglobal reserve currency (Saundersed.,2013, p. 163). This is the effect of the non-existence of the twopower blocs before the fall of Berlin wall precipitating thefracturing of global economic power creating new challenges that newgroupings like BRICS are attempting to address.

Theend of political ideology, however, not completely dead is notfashionable in today’s politics as countries leader win electionsby competency in the economic management of the country economy thanthe promise of a better world platform. This is the emergence oftechnocrat governments managing a combination of private and publicsectors to further capitalist development (Besley et al., 2011, p.308). This made governments respond to institutional reformsadvocated by an informed citizen demanding specific provisions fromtheir governments. The fall of Berlin wall is a fact that realignedworld economies in ways that were not envisioned accurately bypolitical and economic players. However, the response to this fact iswhat defines the global economy (Chollet et al., 2009, p. 154).

References

Besley,T., &amp Persson, T. (2011). Pillarsof Prosperity: The political economics of development clusters.Princeton University Press.

Chollet,D., &amp Goldgeier, J. M. (2009). Americabetween the Wars: From 11/9 to 9/11: The Misunderstood Yearsbetween the Fall of the Berlin Wall and the Start of the War on Terror.PublicAffairs.

Saunders,C. (2013). Laying the BRICS of a new global order: from Yekaterinburg2009 to eThekwini 2013, Francis A. Kornegay and Narnia Bohler-Muller(Eds.): Book review. AfricaInsight,43(3),129-132.