The peace dividend is the boost that we all receive as a result of a global peace. In times of peace, you don’t have to pay huge amounts of money on national security and defense.

Now, after Russia's invasion of Ukraine in Feb 2022, the peace dividend is over. Germany is doubling its military spending and all other countries will follow suit. There are strong incentives to develop nuclear weapons, etc.

The shrinking of the global commons is very similar to the idea of a peace dividend. Both require some kind of stable global order. You might get that from a global hegemony (USA, 1991-2022), or sometimes in a bipolar world (USA & Soviet Union, 1945 - 1991). In a multipolar world (Great Powers, antiquity - 1945) you can still have prosperity though. I shouldn't give up hope!