<P> Among the more specific consequences of the Cold War was a huge fiscal mortgage placed on many domestic economies . Financial obligations included those necessary to avoid further dislocations while the change took place from a wartime footing to a peacetime environment . National military establishments and alliances had to be reconfigured . Highly dependent institutional frameworks were to be restructured, and new obligations were acquired by nations that were once bystanders to the East - West confrontation . </P> <P> In the wake of the Cold War, freed or newly founded nations inherited expenses, commitments, and resources for which they were not prepared . The successor states also found themselves with contemporary national - security burdens and substantial environmental contamination legacies, all to be financed while new or revised civilian economies had to be instituted . Since the superpowers carried much of the confrontational burden, both Russia and the United States ended up with substantial economic liabilities . </P>

What impact has globalization had on the post cold war world