In a groundbreaking article, Professor Janek Ratnatunga, the CEO of the Institute of Certified Management Accountants, has unveiled the profound implications of recent geopolitical developments, which he describes as the “Rise of the Zombie Agency.” The article highlights the significant erosion of the rules-based international order, thrust into chaos by the actions of dominant superpowers, particularly the United States. This seismic shift marks the death of the World Law and Economic Order as we know it, with far-reaching consequences that extend into various sectors, including the management accounting profession in the area of Environment, Society and Governance (ESG).
“The shockwaves of recent actions, especially in the area of climate change, have left international agencies powerless,” stated Professor Ratnatunga. “These ‘Zombie Agencies’ are now entities without real authority, operating in a world where the ‘might is right’ philosophy prevails.”
The article traces the decline back to April 2, 2025, when the U.S. instigated a series of aggressive policies, starting with the “Liberation Day” tariffs. This was countered by China’s own economic measures, but it signalled the beginning of a broader unravelling of international norms. The situation escalated with unilateral U.S. military actions, including airstrikes on Iran and the controversial intervention in Venezuela, codenamed ‘Operation Absolute Resolve.’
“The U.S. has openly disregarded international humanitarian laws and multilateral agreements,” Ratnatunga explains. “This has not only destabilized the existing order but has also emboldened other major powers, like China, to assert their influence more robustly.”
The metaphor of “Zombie Agencies” aptly captures the current state of global governance institutions, which now resemble the walking dead, powerless in the face of aggressive unilateral actions. As the U.S. withdraws from international organizations and treaties, the global community finds itself grappling with a new world disorder. The traditional balance of power is shifting, and the future of multilateral cooperation is uncertain.
“The traditional alliances are wavering,” warns Ratnatunga. “American allies must adapt to survive in this new dispensation. The challenge now lies in how the international community will respond to these changes.”
The article emphasizes the emergence of competing spheres of influence, where national interests overshadow collective global governance. In this world, the ethos of unilateralism and power politics reigns supreme, and the global community must navigate a precarious path.
[ends]Contact:
Prof Janek Ratnatunga
CEO, Institute of Certified Management Accountants
Mobile: 0432758380
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