For some years now, we have been coming to the realization that the multilateral institutions we set up at the close of the Second World War, such as the UN, have lost their effectiveness in a world of escalating hard power and great power rivalry. Where we could once count on cooperation and a rules-based international order, much of the world is now at the mercy of the narrow self-interest and bullying of a few great powers. Their power is expressed today through bluster, propaganda, a loss of transparency and predictability, and the constant threat of economic or military conflict.