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). The future promises provide motivation to faithfulness and obedience today.
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." As Paul says, God chooses the weak, here the lame, those who are cast off, to be gathered to Him.
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.