Globalization at a Crossroads
Over the course of the past decade, the world has changed more than at any other time since the World War II era. And, as economic and geopolitical power seeps away from the West, the United States, rather than leading a new multilateral front, has embarked on a self-defeating project of atavistic unilateralism.
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LONDON – Whether or not one realizes it, 2018 may have been a historic turning point. Poorly managed globalization has led to nationalist “take-back-control” movements and a rising wave of protectionism that is undermining the 70-year-old American-led international order. The stage is set for China to develop its own parallel international institutions, auguring a world divided between two competing global-governance systems.