The article analyzes how the US-led order forces developing nations in the Global South to absorb economic and geopolitical risks. It suggests that these nations are beginning to insulate themselves from the adverse impacts of US actions and policies.

The US-Israeli strikes on Iran and ensuing conflagration offer a window into how the US-led order works. For all its contributions, it functions like an air conditioner – cooling the American centre by pumping hot air into the periphery. Aggressive interest rate hikes export inflation to emerging markets. Proxy wars outsource geopolitical risk to distant theatres. The United States stays cool while the Global South absorbs the brunt of the heat. But the vents are closing: developing nations are....