The global dominance of the US is disappearing. Emerging powers such as Russia and China are trying to counter-influence the American power by growing their economies and strengthening their military. These shifts bring about a lot of uncertainty as the old sources of power weaken and thus the world is becoming less predictable and contested.
Multipolarity ensures that there are no one-nation-dictates the rule of the world. There will be clashes of interests between various power centers. Fierce rivalry in terms of resources, trade and technology is imminent. The partnership is also going to be unsound, and it will not be able to cooperate in important matters affecting the globe.
This change directly raises the risks of instability. Greater and more influential actors increase the prospects of misjudgment or warfare. With the intervention of a major power, regional conflicts are prone to erupt quickly. Global stability is also impaired as competition brings about arms races, proxy wars, economic fragmentation and protectionism to countries, causing harm.
Current institutions of a world that are at the international level cannot serve in this multipolar world that existed in the past. It is hard to reach the consensus between competing powers. The lack of a strong leader means rules are not enforced easily, peer pressure allows actions to be taken without the consent of others and rules to be broken, causing international tension.
Multipolarity does not mean chaos. It can be stable by good diplomacy, institutions that are reformed and control of common interests. Nevertheless, to go through severe competition without confrontation, one has to work immensely hard; the changeover itself is fraught with risks.
Conclusion:
The US dominance is being substituted by multipolarity which elevates the risks of instability in the world. Heightening the competition amongst great powers increases the potential of conflicts and cooperation is difficult. Although we can plausibly have a stable multipolar system, it would necessitate strong institutional reform and diplomacy. This risky transition is one that must be controlled in order to stop the spread of chaos or war. What is really required is vigilance
