v1: The Lord's reign in Jerusalem, compare Is 2.1-4; Isaiah and Micah are contemporaries, and presumably know each other.
v2: The renewed desire to obey the Word of God, and to know the God of Israel. His rule is centred at Jerusalem.
v3: All nations subject to God, enjoying a time of peace.
v4: Security and peace, not by human wisdom, but by God's command. In 1 Kings 4.25, a similar peace is enjoyed under Solomon.
v5: Others may follow idols, but "we will" follow the true God. The worshippers of God learn God's ways (Ps 50.23).
v6-8: The Lord reigning over Israel in Jerusalem. Their sufferings are reversed; the lame, those from exile, and those brought to grief; they will become a remnant, a strong nation, and enjoy the "former dominion."
v9-10: Specific prophecy of defeat by Babylon, and exile in Babylon; and from there the Lord will redeem them. During Micah's lifetime, Assyria is the dominant empire, so this prophecy was clearly by the Spirit of God.
v11-12: The Most High rules in the kingdoms of men; many nations are brought against Judah, and none of them acknowledge the Lord's directing. Although the Lord blesses faithful individuals, He also deals with nations; the prophet writes of judgment upon ungodly nations.
v13: Ultimately, Israel will be God's threshing instrument, bringing judgment on the nations. At the same time, the glory of the nations will be brought to the Lord.