Political Discourse

The neorealist - neoliberal debate in IR theory has assumed added significance ever since the end of the Cold War. The end of the Cold War was seen by the neo liberals as a vindication of their principles, whereas the neo realists saw it as a potential source of instability in international relations, given its anarchical structure. This paper analyses the neorealist - neo liberal debate as it evolved after the end of the Cold War, in the contemporary era of Globalisation. It subscribes to the view that for a decade after the end of the Cold War, the neo liberals had their way in an era of globalization marked by liberalization and economic integration. However, after the incident of 9/11, the concerns raised by the neo realists proved to be true. At the same time, the economic meltdown of 2008, the subsequent recession in the world economy, the Euro crisis in the EU, and moreover the COVID 19 pandemic, it concludes, have raised serious question marks over the efficacy of the neo liberal theory.