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The end of the system of the world
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The end of the system of the world

A critical point has been reached; decoupling is for real this time.

Noah Smith
Noah Smith, 2022
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Globalization is breaking down and a new world order is forming, says economist Noah Smith in this thought-provoking essay. He posits that China and America once benefited from a mutually advantageous trade relationship: The former grew its economy while the latter profited from technology and expanded production. Yet China now recognizes that its openness to the West keeps it from economic self-sufficiency. Smith convincingly argues that a shift in great-power alliances centered on trade is ushering in a new configuration of geopolitical alliances.

Take-Aways

  • After the Cold War, world leaders believed that political harmony would result from close commercial ties.
  • Sino-American commercial symbiosis gave way to increasing tension between the two countries.
  • The great-power trade alliances will shift. 

About the Author

Noah Smith blogs at Noahpinion. He is a former assistant professor of finance at Stony Brook University and Bloomberg columnist.

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