The American celebration after the Cold War seemed short-lived, as there were plenty of other concerns. Our adversaries were now our allies, and our allies were now competitors. The end of the Cold War knocked down the Iron Curtain, but it also destroyed conventional economic patterns. Has the end of the Cold War proved to be good for world peace, but not so good for world business?

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The end of the Cold War marked the end of what is called bipolarity, or the world divided into two main powers—the United States and the Soviet Union. The post-Cold War period has proven difficult for world peace, as conflicts related to identity have emerged. Though our former adversaries, such as Russia, are our allies (at least some of the time), we have become embroiled in conflicts in the Middle East and Afghanistan. Despite American interventions, Iraq and Afghanistan are still unstable, and there are continued deadly conflicts in Syria and other nations. Therefore, the end of the Cold War did not result in world peace.

The economy after the Cold War has also been subject to shocks and disruptions, including the 2008 financial downturn, which caused a global economic recession. As the world economy has been affected by globalization, economic shocks in one area can affect other areas. Therefore, the economy has at times also been volatile since the end of the Cold War.

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In many ways, our Cold War adversaries continue to be our rivals. China was one of the chief American adversaries in the Cold War, and it remains one of the United States's leading economic competitors. Russia also displays expansionist tendencies, which makes many in American politics feel as though a second Cold War may be on the horizon. The end of the Cold War may not have been good for peace, as now the main world threats are non-state actors who are harder to persecute via conventional war and sanctions. Also, many of these non-state actors have access to weapons of mass destruction, which are available due to the fall of the Soviet Union. In a way, the world is a more dangerous place than it was during the height of the Cold War.

The end of the Cold War was, however, good for world business. While China and the United States battle on tariffs, both American and Chinese markets benefit from being open and gaining new customers. The fall of the Soviet Union opened up new investment opportunities in Eastern Europe and Southeast Asia, places that American business would not enter before due to oppressive communist regimes. Tourism to places once forbidden because of the Cold War is a booming industry.

While the end of the Cold War was cause for celebration, there are still unresolved issues that remain. Economic and other rivalries still exist with former Cold War adversaries.

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