NEW YORK – Twenty years after the fall of the Berlin Wall and the collapse of communism, the world is facing another stark choice between two fundamentally different forms of organization: international capitalism and state capitalism.

On November 10, 1989, the Berlin Wall, the most powerful symbol of the European Cold War, fell, marking the “Fall of Communism.” This influential event undoubtedly activated significant change worldwide.  Over 20 years later, the world is confronted with yet another weighty decision between two considerably diverse types of organization: Internal Capitalism and State Capitalism.

With Internal Capitalism, as it occurs in the United States, the well being and economic decisions of a business are made “internally,” within the actual business, as opposed to, State Capitalism, where, as it occurs in China, all businesses are regulated by the government.  Out of the two, worldwide, State Capitalism is on the rise, concluding that choosing Internal Capitalism may lead to the gradual collapse of the international financial system.

A whole new world order, including a new financial order and rules, involving international cooperation, is imperative. A new system of rules, institutions, and procedures regulating the international monetary system, as the “Bretton Woods” system did in 1944, may be a starting point.  The system will also have to modify the International Monetary Fund and the current currency system.

Unlike the previous Bretton Woods system, which caused imbalances with the international currency, the new order could include SDRs, Special Drawing Rights.  With SDRs in place, countries such as China would be asked to convert their current exchange rate currency to the dollar, reducing further imbalances.

The revamping of the world order, initiated by the United States and other developing countries, will have to extend beyond financial adjustments.  Involving the United Nations, especially members of the Security Council, and calling on as many rising powers to be active supporters is a must.

The United State’s position, as a current economic and political Superpower, may be threatened if a true global effort is not initiated.  The alternative is terrifying, because a superpower losing both political and economic governance, with military dominance, is a dangerous situation. Peace by democratic countries is no longer the chosen method. The financial crisis has undeniably taken its toll on the United States population, forcing them to face a harsh reality.

Although President Obama has been actively trying to enlist international cooperation, resistance is still at large. The main culprit, by far, is the collective lack of awareness that a broken system is amongst us. Reinvention of any system requires all hands on deck.  The world’s future seriously depends on global awareness and cooperation.