We are in a new geopolitical and macroeconomic paradigm. For decades, globalization—characterized by rising trade and capital liberalization—defined the world order. That era is over. In its place is emerging what we call “modern mercantilism,” where national self-interest takes precedence over global cooperation. While this transition has been underway for years, it has now sharply accelerated. A global system of interdependence, built since the dawn of the US-led postwar era, is unraveling. Explore a selection of our insights on this shifting landscape and the profound implications it holds for the global economy, markets, and monetary system.
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Portfolio Challenges
