The ghost of Bandung and the future of global order

In 1955, 29 African and Asian leaders gathered in Bandung to declare independence not just from colonial rule, but from the very idea that the world’s economic and political order should be dictated by others. The “Bandung Spirit” was more than a meeting— it was the first collective roar of the Global South, demanding a seat at the table where the rules of the global world order were written. 

70 years later, that spirit seems to have faded. The economic order that emerged after Bandung— the Bretton Woods system— was built by the victors of World War II, enforced by their military alliances, and designed to keep power in the hands of a few. Today, as that system crumbles under the weight of China and “middle powers” like India, Pakistan and Saudi Arabia, we must ask: What comes next? 

Economists love to talk about the “invisible hand” of the market, as if trade and prosperity emerge naturally from human self-interest. But Adam Smith, often misquoted by free-market evangelists, knew better. He understood that markets did not exist in a vacuum— they depend on political order. Without rules, without enforcement, without power, there is no market. There is only chaos.

Pull-quote: The recent protectionist turn indicates that when challenged, Western powers prioritize control over cooperation. 

- Dr. Aqdas Afzal

This was the fatal flaw of the post-Bandung era. The newly independent nations of Asia and Africa won political freedom, but the economic order remained locked in the grip of the old powers. The Bretton Woods institutions— the IMF, the World Bank, the WTO— were not neutral referees. 

For decades, this system held sway. The US and Europe set the rules, and the rest of the world followed. Now, the rise of non-Western nations, especially China, India, Pakistan and Saudi Arabia, has shattered the illusion of Western dominance. 

When China joined the WTO in 2001, the West expected it to become a carbon copy. Instead, China used the system to build its own economic might— winning millions of manufacturing jobs from the US, outcompeting Europe in key industries, and creating a military machine that can now project power across the globe. This unexpected outcome has left Western policymakers scrambling to rewrite the rules in the middle of the game.

Sadly, instead of competing, the West has abandoned its own free-trade gospel. The US slaps tariffs on Chinese goods, Europe panics over “de-risking,” and the old rules are rewritten on the fly to block the rise of new competitors. 

The question now is not whether the old system will fall, but what will replace it. There are four possible futures: 

First, nostalgia– Some cling to the dream of a reformed Bretton Woods, where the US and Europe share power just enough to keep the system alive. But this is a fantasy. The West will never willingly give up control. The recent protectionist turn indicates that when challenged, Western powers prioritize control over cooperation. 

Second, rebellion – The Global South, led by China and the BRICS, could build a new order entirely— one that rejects the International Monetary Fund (IMF) austerity, Western sanctions, and dollar dominance. But will this just swap one master for another? The test will be whether new institutions genuinely empower all members or simply create new hierarchies. 

Third, reform – A more practical path, perhaps, through expanding institutions like the BRICS Development Bank and the Asian Infrastructure Investment Bank, creating alternatives to the IMF and World Bank without fully dismantling them. This incremental approach may offer the best hope for gradual, stable transition. 

And fourth, chaos – The worst outcome: no new order emerges, and the world fractures into competing blocs, where trade wars become real wars, and power is decided by force, not rules. We have certainly seen glimpses of this dangerous trajectory in recent years.

The Bandung Conference was supposed to be the beginning of a new world. Instead, it became a footnote in a story still written by the powerful. Today, as the old order collapses, the nations of the Global South have a choice: Will they fight for a truly fair system, or will they settle for a reshuffling of the same deck? The coming decade will reveal whether the Bandung spirit can be revived or whether it shall remain confined to history books. 

The answer will decide whether the next 70 years are defined by justice— or just a new kind of empire. Either way, the era of Western domination is ending, and what follows remains ours to shape.

- The writer completed his doctorate in economics on a Fulbright scholarship. X: @AqdasAfzal