The rise of “the rest,” especially China, has triggered an inevitable transformation of the so-called liberal international order. Rising powers have started to both challenge and push for the reform of existing multilateral institutions, such as the International Monetary Fund (IMF), and to create new ones, such as the Asian Infrastructure Investment Bank (AIIB). The United States under the Trump administration, on the other hand, has retreated from the international institutions that the country once led or helped to create, including the Trans-Pacific Partnership (TPP); the Paris Agreement; the Iran nuclear deal; the Intermediate-Range Nuclear Forces (INF) Treaty; the United Nations Educational, Scientific and Cultural Organization (UNESCO); and the United Nations Human Rights Council (UNHRC). The United States has also paralyzed the ability of the World Trade Organization (WTO) to settle trade disputes by blocking the appointment of judges to its appellate body. Moreover, in May 2020, President Trump announced his decision to quit the Open Skies Treaty, an arms control regime designed to promote transparency among its members regarding military activities. During the past decade or so, both Russia and the United States have been dismantling multilateral arms control treaties one by one while engaging in new nuclear buildups at home.
A Volatility Estimator of Stock Market Indices Based on the Intrinsic Entropy Model