His vision of a new world order cannot be contested, especially as it encompasses the six-member Gulf Cooperation Council and other emerging economies. Moreover, his passion to see assertive government control over economic details not only reflects prudence, but also serves as a safety valve to resist the downslide in the aftermath of the Wall Street 
fiasco. Which is why Dubai, the hub of trade and tourism in the region, is treading a cautious path in defeating the nosedive trend worldwide. The new set of rules and regulations put in place by the UAE government to ensure transparency and growth can serve as a role model for rebuilding the devastated world economy, and foster in confidence in good governance.

The prevalent economic recession is an outcome of greed and waywardness at work in the financial institutions. At the same time it points out at the submissive role of respective governments, especially those of the United States and the West, who looked the other way as cartels and mafias had a field day. Lack of regulations and disciplinary muscle to oversee the capitalist greed has resulted in the worst recession of this modern age. This is the reason the UAE leadership insists on a strictly regulated economy, but at the same time provides ample avenues for articulation and a level-playing 
field for market forces. Thus Prince Hamdan’s state-centrism approach in commerce and cooperation can go a long way in protecting the freedom of the individual at the hands of financial gamblers.

Major economies in the midst of recovery have no other recourse but to enhance cooperation with emerging economies. A successful understanding between the world’s largest economy, the US, struggling under a staggering $1 trillion budget deficit, and that of China, India, Russia, Brazil and the GCC can help ensure a turnaround.

The elite club of industrialised nations should take the blame for the downturn, and embrace new poles of growth for securing sustainable growth worldwide. Stringent regulation and adequate monetary measures cannot be a success without innovative leadership, and it’s time the G20 realised it.

The unconquered domains of poverty, hunger, disease, disarmament and an unbalanced development pattern are issues that cannot be ignored anymore. Addressing them with due diligence will be tantamount to building a new world order, and this is what the Dubai Crown Prince has pointed out.