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Synopsis The Iraq war has made the world further different and complex. It resulted in exposing the strategies of the hegemonic world leadership in the corporate sector, supported by the sole super power, the United States of America. The preparation, process and goals of the war had made it clear that the USA and her very limited allies were not really searching for the Weapons of Mass Destruction in Iraq. Rather, the fundamental political economy behind the aggression was the attempt to control the rich oil fields in Iraq. However, unlike the Gulf War I, the United States found too many European powers unwilling to support the expedition. Similarly, leading Third World Nations like India, Brazil and China expressed their objections to the war. The net experience of the war clearly revealed that unipolarism will not survive long and the United States will have to address the realities of the emerging multilateral system.