What geostrategic risks without a strong multilateral body?

Since the end of the Cold War and the “end of history”, contrary to expectations, there are more and more countries with different economic and political models. In times of crisis, notably the recent financial crisis and the dramatic crisis in Covid, the disparities in this concert of nations are further amplified and even exacerbated by shocks and upheavals. Yet the multilateral bodies governing globalisation and contemporary international relations were built around the idea that states would converge towards the same values of market economy, democracy, liberalism, human rights, etc. In this context, how can global governance evolve? Towards what horizons? Are we condemned to fragmented governance with regional agreements or concentric circles? Should we choose to make much more effort to encourage countries to re-engage or better engage with the market economy?