Adam Tooze in his Substack newsletter:
Whoever governs America, dysfunctionally or not, speculating about a post-American world, is a waste of time. And there a few key areas of global affairs in which American institutions today play a crucial organizational role. I have written often in this newsletter about the dollar system and its resilience. The dollar continues to be the basis for global finance. Though it dare not speak its name, the Fed acts as a global central bank.
It is also true that American leadership and military spending does hold structures like NATO together. But that is not “the world”. It is an exclusive military alliance.
More here.