„It works when implemented correctly“ might not be the lesson you want others to learn. But looking at China, boy did it work for them.
Once you start dealing with bad actors, you'd have to kick out pretty much anybody. Did western europe played fairly with post-cold-war eastern europe? No. I hear South america have issues with US too.
In reality this works great for established powers to keep status quo. For the rest... It depends on how many rules you're willing to bend. Or how others go above-and-beyond to help you out for some reason that is not part of the system.
Once you start dealing with bad actors, you'd have to kick out pretty much anybody. Did western europe played fairly with post-cold-war eastern europe? No. I hear South america have issues with US too.
In reality this works great for established powers to keep status quo. For the rest... It depends on how many rules you're willing to bend. Or how others go above-and-beyond to help you out for some reason that is not part of the system.